Let Their Summary Be Your Guide - US Department of Labor Proposes Fee-Disclosure Guide Requirements Under ERISA

March 14, 2014

Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 ("ERISA") provides an exemption from the “prohibited transaction” provisions of ERISA for certain compensation arrangements with employee benefit plans. Earlier this week, on March 12, 2014, the U.S. Department of Labor (the “DOL”) proposed to amend the final Section 408(b)(2) regulations to require covered service providers who make disclosures through multiple or lengthy documents to furnish a guide to make it easier for plan fiduciaries to make effective use of these disclosures. The proposed rule is part of a broader effort to improve the transparency of the disclosure of fees charged to plans.

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