The deadline for plan sponsors to begin disclosing fees in the 401(k) space is just around the corner. There are five ways to properly communicate, explain fees and meet participant deadlines. First, know who is providing services to the plan including a recordkeeper, advisor, lawyer or auditor. Review your fees and services, document actions and decisions and keep in your fiduciary file. Once you determine who you need to provide disclosure to, assess how to communicate with each participant and determine if you meet electronic delivery rules or will you do hard-copy mailings. The fourth step is to understand how participants are paying fees. Finally, know your deadline for participant disclosure.
5 Fee Disclosure Steps for Plan Sponsors (BenefitsPro)
Related Regulatory Resources
Social Security-claiming strategies are relied upon by millions of Americans today. Nevertheless, President Barack Obama’s 2015 Budget wants to take them off the shelf.
For the first time ever, The Annuity Store is giving you INSTANT ACCESS to a 16 page, consumer facing report, that is designed to help you ease your clients’ uncertainty by presenting detailed solutions to these challenging concerns.