Most of the fee disclosure deadlines have come and gone, but the discussion is not over. The U.S. Department of Labor is ramping up its enforcement efforts heading into 2013 to make sure service providers and plan sponsors have met the requirements of fee disclosure.
A recent webinar hosted by Thomas Loch, senior vice president of Castle Rock Innovations, discussed how firms can prepare for a DOL audit.
"2012 was quite a significant year from the perspective of implementation of 408(b)(2) and 404(a)(5) regulations," Loch said. "From my perspective, everybody was waiting for the shoe to drop for sometime. Once the shoe dropped in February, many firms were caught off guard and were not prepared and they were depending on vendors to prepare finalized solutions."
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