Christmas may be upon us but this upcoming Easter might be the more important season for 401(k) plan sponsors and fiduciaries – assuming certain vested interests have their way again, but I get ahead of myself.
As of April 1, 2012, the Department of Labor's new service provider Fee Disclosure Rule becomes effective. Originally published in July 2010 with an effective date 12 months later, this new rule requires "covered service providers of retirement plans to disclose comprehensive information about their fees and potential conflicts of interest to ERISA-covered plan fiduciaries."
Assistant Secretary Phyllis C. Borzi has said, "Employers and workers will benefit from the increased transparency provided by these fee disclosure rules."
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