The U.S. Department of Labor's Employee Benefits Security Administration announced new procedures for plan sponsors who wish to obtain fiduciary relief for a service provider's failure to comply with the department's plan-level fee disclosure rule.
The final 408(b)(2) regulation, which went into effect July 1, included a provision to protect plan sponsors or other responsible plan fiduciaries from liability for a breach of their fiduciary duties under the Employee Retirement Income Security Act of 1974 when their service provider fails to comply with the regulation's fee disclosure requirements.
The plan sponsor must notify the department if they do not receive the required disclosures, if their efforts to attain the information are not successful.
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