The July 1 401(k) plan fee disclosure deadline came and went without a splash and industry experts predict that participant disclosures will be even more uneventful.
Plan sponsors are still sorting out the fee disclosure information they received as part of the 408(b)(2) disclosure regulations, said David Wray, president of the Plan Sponsor Council of America. Larger plan sponsors already knew this information, but smaller plan sponsors did not, so they are still sifting through everything they received, he said.
Darin Gibson, (left), owner and president of Burnham Gibson Financial Group, Inc., based in Irvine, Calif., said that all of his plan sponsor clients received their 408(b)(2) disclosures on time. He has advised his clients to make sure they are receiving disclosures not just from their plan providers but from their third party administrators and other, smaller service providers. If not, he tells them how to contact those providers with their complaints.
The way the regulations are written “puts the onus on them to get the necessary pieces,” he said.