Isn’t it funny that within a week of the industry complaining to delay the implementation of 408(b)(2) because of the lack of the much promised FAQ guide on the part of the DOL, the DOL comes out with its much promised FAQ guide? Under the name “Field Assistance Bulletin 2012-02 408(b)(2) FAQ Guide,” this 38-question-and-answer compendium no doubt became an instant bestseller within the hallowed halls of 401(k)-dom.

Unfortunately, as Fred Reish warned at an industry conference recently, with or without the DOL’s FAQ, the new Fee Disclosure Rule – a.k.a. 408(b)(2) – contains its fair share of traps for 401(k) plan sponsors, their service providers and plan participants. I’m sure there are plenty more, but here are the three most apparent reasons for each of these constituencies to fear what happens once the new rule is implemented come July 1st:

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