While 401(k) record keepers and service providers are combing through the 408(b)(2) fee disclosure rules with a fine-tooth comb, looking for potential compliance problems, plan sponsors have adopted a wait and see attitude.
During a recent webinar, Fred Reish, partner and chairman of the financial services ERISA team at Drinker Biddle & Reath LLP, expressed concern that the new rules didn't include a summary or road map requirement like was first discussed, but instead proposed the issuance of a guide.
"They attached a sample guide at the end of the regulation. If you look at the sample guide, it is very detailed and may have some other requirements," he said. "It will give people indigestion."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
