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Merrill Lynch agreed to pay Wal-Mart 401(k) plan participants $13.5 million dollars over excessive plan fees. This settlement comes on the verge of the final deadline for ERISA 408(b)(2), which requires service providers to give plan sponsors fee disclosure information by July 1, 2012. Receiving less focus, however, is the next step in the disclosure process: 404(a)(5).

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