Plan sponsors seeking fiduciary relief for a service provider's failure to comply with the department's plan-level fee disclosure rule will be able to use a new online filing system, replacing the option of electronically sending notices to an email address at the U.S. Department of Labor's Employee Benefits Security Administration.
The online tool will assist plan sponsors by ensuring that all required information is submitted and by providing immediate confirmation that notices have been received by the department.
"The revised submission procedures should provide plan sponsors a greater level of confidence that their requests for fiduciary relief have been received and will be efficiently processed and reviewed," said Assistant Secretary of Labor for EBSA Phyllis C. Borzi. "The easy-to-use online filing system guides plan sponsors through the information that must be submitted, and allows us to more quickly process and respond to their requests. We've also retained flexibility for those plan sponsors who choose to submit paper notices."
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