The deadline is quickly approaching for written fee disclosures by covered service providers. This creates new homework for financial institutions who are plan sponsors–in the form of enhanced fiduciary review obligations and a suggested need to review (and/or create) written service agreements.
By now folks who work in the tax-qualified retirement industry are well (and perhaps painfully) aware that the United States Department of Labor ("DOL") issued final service provider fee disclosure regulations early this year. As the deadline for service providers to provide the required disclosures (i.e., July 1, 2012) draws close, it seems like an opportune time to consider what plan sponsors should do with all this data, and what other steps they should consider taking.
Here is a link to an overview of the implications for plan sponsors on one of our sister PWMA blogs that focuses primarily on employee benefit plans: http://www.employeebenefitslawreport.com/2012/06/fee-disclosures-are-almost-here-what-should-plan-sponsors-do-now/