Proposed Amendment To Service Provider Fee Disclosure Rules
28 March 2014
Mayer Brown Legal Update
The US Department of Labor has proposed an amendment to its fee disclosure regulations under Section 408(b)(2) of ERISA, to require Covered Service Providers to provide plan fiduciaries with a guide specifying the location of each of the required disclosures. The proposed amendment requires that the guide provide a specific locator for the required information, including the identity of the document that contains such information (to the extent the initial disclosures are contained in multiple documents) and the location of the information within such document. If a Covered Service Provider already provided the required disclosures in a concise, single document, the Covered Service Provider may not be required to deliver a separate guide under the proposed amendment. The Department of Labor is accepting comments to the proposed amendment through June 10, 2014.