If you're a retirement plan sponsor, you probably had July 1 circled on your calendar.
Sunday was the deadline for fee disclosure, a long talked-about regulation from the Department of Labor that requires certain service providers of ERISA-covered plans to provide sponsors with clear disclosure of the compensation they, their affiliates and their subcontractors get from plan assets.
If they haven't complied by now, plan fiduciaries must take action, which may mean notifying DOL of the service provider's noncompliance. Service providers need to inform sponsors of the direct and indirect fees they're paying for services, administration and investment management.
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