What Retirement Sponsors Need to Know About Changing Regulations
In an effort to make retirement plan fees more transparent for plan sponsors and participants, the U.S. Department of Labor (DOL) has implemented new rules known as 408(b)(2). These rules contain a new mandate for thorough disclosure of direct and indirect fees charged by service providers on covered plans. The purpose of these new rules is twofold: to shed light on the excessive and hidden fees imposed by many service providers, and to clarify who is acting in a fiduciary capacity to the plan. In order to avoid DOL audits, fines, or even potential lawsuits, plan sponsors should be proactive about compliance with these new regulations.
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Watch the recording to learn everything a retirement plan sponsor needs to know:
- • The requirements of the new rules and how to comply with them in order to avoid DOL fines, audits, and lawsuits
- • The various types of hidden fees in their retirement plan
- • Who is and who is not a fiduciary
- • How to avoid “Prohibited Transactions”
- • How to implement best practices with regards to their plan
To download the slides, log in as an NFIB member or register for free.