Are your employees getting their fair share?
In 2012, the DOL issued new disclosure regulations requiring service providers to disclose the services provided and fees charged to retirement plans. Recently, the DOL has commented that the new regulations have not produced the desired effect, that plan sponsors review the disclosures and act to ensure that any fees assessed to participant accounts are reasonable for the services provided. In reality, many employers did not fully understand the disclosures and simply filed them without any further action.
Do you know what steps you, as a plan sponsor, can take to ensure that your retirement plan fees are reasonable and to protect yourself from operational pitfalls that could hold you personally liable as the plan fiduciary? If you are interested in learning how to better understand the fee disclosures provided and address what fiduciary best practices you should implement now to protect the plan as well as yourself as a fiduciary please Contact Us!
