DOL Issues Proposed Regulation to Require a Guide for 408(b)(2) Disclosures

The U.S. Department of Labor has issued a proposed regulation that would amend the final fee disclosure regulations requiring service providers to provide a “guide” to plan fiduciaries to assist them in reviewing the detailed fee disclosures. The final fee disclosure regulation or “408(b)(2) regulation” required that service providers to retirement plans provide certain detailed disclosure regarding fees charged to the plan and participants. This proposed regulation would require service providers to also provide a summary document or “guide” with the initial fee disclosures to plan fiduciaries if the fee disclosures are contained in “multiple or lengthy documents.”

ERIC members and trial members can read more here.
The DOL Fact Sheet is available here.
The DOL News Release is available here.
The proposed regulation is available here.