Plan Fiduciaries Get an Assist from the DOL

Since 2012, covered service providers (“CSPs”) such as recordkeepers and investment advisors have had to provide annual service and fee disclosures to plan fiduciaries under Section 408(b)(2) of ERISA.  Plan fiduciaries cannot remain idle after receiving these disclosures —  review of the disclosures is a fiduciary duty.  The Department of Labor (“DOL”) requires fiduciaries to review the disclosures to make sure that the services provided are appropriate and the fees charged are reasonable.  If the disclosures are not complete, the fiduciaries have an affirmative obligation to request the missing information from the CSP or report the CSP to the DOL if the information is not provided upon request.  Read More ›

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