July 1st was the deadline for plan service providers to provide
their 408(b)(2) fee disclosures to plan sponsors. Did you receive
one? Does it contain all the DOL-required elements?
You must take action if the service provider is covered by the
rule and did not provide the 408(b)(2) disclosure or the disclosure
did not comply with the requirements of ERISA Section 408(b)(2).
You must give service providers 90 days to conform with 408(b)(2).
If not corrected within 90 days, ERISA Section 408(b)(2) requires
you to fire the service provider or risk your compliance and become
subject to DOL penalties and IRS tax assessments.
If your service provider refuses to furnish requested
information, you must notify the DOL within 30 days. If your
service provider is unresponsive, you must notify the DOL within 90
days. If the requested information concerns future services to be
performed after the 90-day period ends, you must end the service
arrangement as soon as feasible. The DOL has provided a model fee
disclosure failure notice on its website.
Meanwhile, plan sponsors have an upcoming deadline for sending
notices to participants of the plan's fees. These notices are
to be prepared using the 408(b)(2) notices provided by the
plan's service providers and must be sent to participants by
August 30, 2012.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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