EMPLOYEE BENEFITS AND EXECUTIVE COMPENSATION
|
|
- Samuel O’Neal’
- 5 years ago
- Views:
Transcription
1 EMPLOYEE BENEFITS AND EXECUTIVE COMPENSATION ATTORNEY ADVERTISING DOL DELAYS APPLICATION OF SERVICE PROVIDER FEE DISCLOSURE RULES UNTIL JANUARY 1, 2012 By: Mark A. Holdsworth, Esq. April 6, 2011 Introduction On February 11, 2011, the Department of Labor (DOL) announced that the applicability date for the new service provider fee disclosure rules would be extended to January 1, Once applicable, covered service providers will be required to make specific fee disclosures to retirement plan fiduciaries in order to qualify for the prohibited transaction exemption for reasonable services under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. General On July 16, 2010, the DOL published an interim final regulation (the Regulation ) under Section 408(b)(2) of ERISA requiring covered service providers of ERISA retirement plans to make specific fee disclosures in order to assist the fiduciaries of such plans in understanding the reasonableness of the fees being charged for plan services and assessing potential conflicts of interest that might affect the quality of those services. Compliance with the disclosure requirements of the Regulation is necessary in order to qualify for the prohibited transaction exemption under Section 408(b)(2) of ERISA (and the parallel provisions of Section 4975 of the Internal Revenue Code) for service contracts and arrangements between a plan and a party in interest. In general, such contracts and arrangements are exempt under Section 408(b)(2) of ERISA if the contract or arrangement is reasonable, the services are necessary for the establishment or operation of the plan, and no more than reasonable compensation is paid for the services. Under the Regulation, no service contract or arrangement with a covered service provider will be considered reasonable unless the new disclosure requirements are satisfied. Extended Applicability Date; No Grandfather Relief The new disclosure requirements apply to all covered service contracts and arrangements in existence on or after January 1, The Regulation was originally scheduled to become effective on July 16, This date was extended, however, to provide the DOL with additional time to evaluate comments received on the interim final regulation and to ensure that plans and service providers have sufficient time to undertake orderly and efficient compliance efforts following the publication of final rules. The Regulation does not contain grandfather relief for service contracts or arrangements entered into prior to January 1, Therefore, the new disclosure requirements for pre-existing contracts and arrangements must be satisfied no later than January 1, Covered Plans The Regulation applies only to defined contribution plans (including 401(k) plans) and defined benefit pension plans. Health and welfare benefit plans, individual retirement accounts (IRAs) and annuities, simplified employee pensions (SEPs) and simple retirement accounts are excluded from coverage (although the DOL is
2 considering the adoption of separate fee disclosure rules for welfare benefits plans). Covered Service Providers A covered service provider is any service provider that enters into a contract or arrangement with a covered plan and reasonably expects to receive at least $1,000 in direct or indirect compensation in connection with providing one or more of the following types of services (regardless of whether the services will be performed by, or the compensation is received by, the covered service provider or an affiliate or subcontractor of the covered service provider): Service as a Fiduciary of a Covered Plan. Services provided directly to a covered plan as an ERISA fiduciary. Service as a Fiduciary to a First Tier Plan Asset Vehicle in Which a Covered Plan Has a Direct Equity Investment. Services provided as an ERISA fiduciary with respect to an investment contract, product or entity that holds plan assets and in which a covered plan has a direct equity investment. A direct equity investment does not include the underlying investments made by an investment contract, product or entity that holds plan assets. Thus, for this purpose, the Regulation does not look through to second tier investments that hold plan assets. o For example, if the managers of a hedge fund or private equity fund are ERISA fiduciaries because the fund is an ERISA plan asset vehicle and a covered plan has a direct equity investment in the fund, the managers would be covered service providers. By contrast, if that same fund invested in another fund (i.e., a fund of funds investment), the managers of the second fund would not be a covered service provider with respect to a covered plan that has a direct equity investment in the first fund (assuming the plan does not also have a direct equity investment in the second fund), regardless of whether the managers of the second fund are ERISA fiduciaries. Service as a Registered Investment Adviser to a Covered Plan. Services provided directly to a covered plan as an investment adviser registered under either the Investment Advisers Act of 1940 or any state law. Recordkeeping or Brokerage Services Involving Participant-Directed Plans to Which Investment Alternatives are Made Available. Recordkeeping services or brokerage services provided to an individual account plan (such as a 401(k) plan) that permit participants or beneficiaries to direct the investment of their accounts, if one or more designated investment alternatives will be made available (e.g., through a platform or similar mechanism) in connection with such recordkeeping services or brokerage services. Brokerage windows, self-directed brokerage accounts, or similar plan arrangements that enable participants and beneficiaries to select investments beyond those specifically designated are not designated investment alternatives. o For example, a broker that makes available, as part of its contract or arrangement, a menu of specific proprietary or nonproprietary mutual funds into which participants may direct the investment of their individual plan accounts would be a covered service provider. Certain Other Services for Indirect Compensation. Accounting, auditing, actuarial, appraisal, banking, consulting (i.e., consulting related to the development or implementation of investment policies or objectives, or the selection or monitoring of service providers or plan investments), custodial, insurance, investment advisory (for plan or participants), legal, recordkeeping, securities or other investment brokerage, thirdparty administration, or valuation services provided to the covered plan, for which the covered service provider, an affiliate or a subcontractor reasonably expects to receive indirect compensation or payments from related parties. Importantly, no person or entity will be considered a covered service provider under the Regulation solely by reason of providing services, other than fiduciary services, with respect to an investment contract, product or entity in which a covered plan invests, regardless of whether the contract, product or entity holds plan assets. Thus, a record keeper servicing a collective investment fund is not a covered service provider to a plan investing in the fund merely because the fund holds plan assets. In addition, the Regulation makes clear that an affiliate or a subcontractor that performs services under a contract or arrangement between a covered service provider and a covered plan is not a covered service provider. Initial Disclosure Requirements A covered service provider must disclose the following information 1 to a responsible plan fiduciary (i.e., a fiduciary with authority to cause the covered plan to enter into, or extend or renew, a service contract or 2
3 arrangement) in writing: Description of Services. A description of the services to be provided pursuant to the contract or arrangement. Status. If applicable, a statement that the covered service provider, an affiliate or subcontractor will provide, or expects to provide, pursuant to the contract or arrangement: (i) services as a fiduciary, either directly to a covered plan or to an investment contract, product or entity holding plan assets, and in which the covered plan has a direct equity investment; or (ii) services directly to a covered plan as an investment adviser registered under either the Investment Advisers Act of 1940 or any state law. Compensation. o Direct Compensation. A description of all direct compensation, either in the aggregate or by service, that the covered service provider, an affiliate or a subcontractor reasonably expects to receive from the covered plan in connection with the services. o Indirect Compensation. A description of all indirect compensation that the covered subcontractor reasonably expects to receive in connection with the services, including identification of the services for which the indirect compensation will be received and the payer of the indirect compensation. Indirect compensation is defined as compensation received from any source other than the covered plan, the plan sponsor, the covered subcontractor (if the subcontractor receives the compensation for services performed under the contract or arrangement). For example, a covered service provider that provides multiple services to a covered plan pursuant to a bundled service arrangement would be required to disclose any compensation received from third parties in connection with the services. o Related Party Compensation. A description of any compensation that will be paid among the covered subcontractor in connection with the services if it is set on a transaction basis (e.g., commissions, soft dollars, finder s fees or other similar incentive compensation based on business placed or retained) or is charged directly against the covered plan s investment and reflected in the net value of the investment (e.g., rule 12b-1 fees), including identification of the services for which the compensation will be paid and the payers and recipients of such compensation. Termination Payments. A description of any compensation that the covered subcontractor reasonably expects to receive in connection with termination of the contract or arrangement and how any prepaid amounts will be calculated and refunded upon such termination. Recordkeeping Services. If recordkeeping services will be provided to the covered plan: o A description of all direct and indirect compensation that the covered service provider, an affiliate or a subcontractor reasonably expects to receive in connection with such recordkeeping services; and o If the covered service provider reasonably expects recordkeeping services to be provided, in whole or in part, without explicit compensation for such recordkeeping services, or when compensation for recordkeeping services is offset or rebated based on other compensation received by the covered service provider, an affiliate or a subcontractor, a reasonable and good faith estimate of the cost to the covered plan of such recordkeeping services, including an explanation of the methodology and assumptions used to prepare the estimate and a detailed explanation of the recordkeeping services that will be provided to the covered plan. 2 Manner of Receipt. A description of the manner in which the compensation will be received, such as whether the covered plan will be billed or the compensation will be deducted directly from the covered plan s account(s) or investments. Additional Investment Disclosures Fiduciary Services to a Plan Asset Vehicle in Which a Covered Plan Has a Direct Equity Investment. A covered service provider that provides fiduciary services with respect to an investment contract, product or entity that holds plan assets and in which a covered plan has a direct equity interest is required to disclose the following additional information with respect to such contract, product or entity: A description of any compensation that will be charged directly against the amount invested in connection with the acquisition, sale, transfer of or withdrawal from the investment contract, product or entity (e.g., sales loads, sales charges, deferred sales charges, redemption fees, surrender charges, exchange fees, account fees and purchase fees); 3
4 If the return is not fixed, a description of the annual operating expenses (e.g., expense ratio); and A description of any ongoing expenses in addition to annual operating expenses (e.g., wrap fees, mortality and expense fees). Recordkeeping and Brokerage Services. A covered service provider that provides recordkeeping or brokerage services to a participant-directed individual account plan is required to disclose the additional information listed in the preceding paragraph with respect to each designated investment alternative for which recordkeeping services or brokerage services will be provided. This requirement may be satisfied by providing current disclosure materials of the issuer of the designated investment alternative that include the information described in such paragraph, as long as the issuer is not an affiliate, the disclosure materials are regulated by a state or federal agency, and the covered service provider does not know that the materials are incomplete or inaccurate. Timing of Disclosure A covered service provider is generally required to make the disclosures required by the Regulation to the responsible plan fiduciary reasonably in advance of the date the contract or arrangement is entered into, extended or renewed. As noted above, for contracts or arrangements entered into prior to January 1, 2012, the required disclosures must be made no later than January 1, Changes to such information generally must be disclosed as soon as practicable, but not more than sixty days after the date on which the covered service provider is informed of such change. In addition, upon request of a responsible plan fiduciary or a covered plan administrator, a covered service provider must furnish (generally, within thirty days) any other information relating to the compensation received in connection with the contract or arrangement that is required for the covered plan to comply with the reporting and disclosure requirements of Title I of ERISA. Disclosure Errors No contract or arrangement will fail to be reasonable solely because the covered service provider, acting in good faith and with reasonable diligence, makes an error or omission in disclosing the information required by the Regulation, provided that the covered service provider discloses the correct information to the responsible plan fiduciary as soon as practicable, but not later than thirty days from the date on which the covered service provider knows of such error or omission. Class Exemption for Responsible Plan Fiduciary The Regulation contains a final class exemption that provides prohibited transaction relief for responsible plan fiduciaries where a covered service provider fails to disclose information required by the Regulation and the applicable fiduciary did not know of such failure and reasonably believed that the covered service provider satisfied the disclosure requirement. This relief is subject to the following conditions: The responsible plan fiduciary, upon discovering that the covered service provider failed to disclose the required information, requests in writing that the covered service provider furnish such information; and If the covered service provider fails to comply with such written request within ninety days, the responsible plan fiduciary notifies the DOL of the covered service provider s failure in accordance with the notice procedures set forth in the Regulation. The class exemption does not, however, provide prohibited transaction relief to covered service providers for disclosure failures. Accordingly, a covered service provider s failure to comply with the Regulation will result in excise tax exposure under Section 4975 of the Internal Revenue Code. Action Items Notwithstanding the extended applicability date of the Regulation, plan fiduciaries and covered service providers should be taking steps to ensure that the disclosure requirements will be satisfied with respect to all their service contracts and arrangements by January 1, Action items include (i) identifying covered plans and covered service providers, (ii) determining the types of covered services provided, (iii) updating existing and/or developing new disclosures, and (iv) monitoring any changes in the Regulation adopted by the DOL. In addition, plan fiduciaries should seek confirmation from their covered service providers that all required disclosures will be made by the January 1, 2012 deadline. Conclusion The Regulation requires covered service providers to provide detailed fee disclosures to retirement plan fiduciaries in order to qualify for the prohibited transaction exemption 4
5 Employee Benefits and Executive Compensation for reasonable services under Section 408(b)(2) ERISA. Both plan fiduciaries and covered service providers should take appropriate action to ensure that all required disclosures will be made with respect to their plan service contracts and arrangements. If you have any questions related to the Regulation, please contact any of the following members of the Lowenstein Sandler Employee Benefits and Executive Compensation Group: Andrew E. Graw, Esq. Chair Christine Osvald-Mruz, Esq Mark A. Holdsworth, Esq Richard Plumpton, Esq Karen W. Scheffler, Esq The Regulation does not require this information to be set forth in a formal written contract. 2. The estimate is required to take into account, as applicable, the rates that the covered service provider, an affiliate, or a subcontractor would charge to, or be paid by, third parties, or the prevailing market rates charged, for similar recordkeeping services for a similar plan with a similar number of covered participants and beneficiaries. Lowenstein Sandler makes no representation or warranty, express or implied, as to the completeness or accuracy of this Client Alert and assumes no responsibility to update the Client Alert based upon events subsequent to the date of its publication, such as new legislation, regulations and judicial decisions. Readers should consult legal counsel of their own choosing to discuss how these matters may relate to their individual circumstances. New York 1251 Avenue of the Americas New York, NY Palo Alto 590 Forest Avenue Palo Alto, CA Roseland 65 Livingston Avenue Roseland, NJ Lowenstein Sandler PC. In California, Lowenstein Sandler LLP.
SUMMARY OF THE DEPARTMENT OF LABOR FINAL RULE UNDER SECTION 408(b)(2) SERVICE PROVIDER FEE DISCLOSURE. February 6, 2012
THE PLAN SPONSOR COUNCIL OF AMERICA Serving Retirement Plan Sponsors for More than 60 Years 500 Eighth Street, NW, Suite 210, Washington, DC 20004 202.863.7272 ferrigno@401k.org Edward Ferrigno Vice President,
More information408(b)(2) Checklist. IS YOUR PLAN COVERED? Plans not Covered. Covered Plans
408(b)(2) Checklist Responsible Plan Fiduciary Duties Under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (ERISA): 1. Determine if your plan is covered under the regulation 2.
More informationThe Department of Labor Fee Transparency Initiatives: Part 2 - Mandatory Service Provider Fee Disclosures - Updated
Volume 2012 May 1 The Department of Labor Fee Transparency Initiatives: Part 2 - Mandatory Service Provider Fee Disclosures - Updated For a number of years, the Department of Labor has been concerned about
More informationRegulation on service provider fee disclosures for ERISA retirement plans
Regulation on service provider fee disclosures for ERISA retirement plans 2 About MetLife Resources MetLife Resources is the Division of Metropolitan Life Insurance Company that specializes in providing
More informationUS Department of Labor Issues Final Rule on Service Provider Fee Disclosure
Legal Update February 21, 2012 US Department of Labor Issues Final Rule on Service Provider Fee Disclosure On February 3, 2012, the US Department of Labor (DOL) issued a final rule (the Final Rule) amending
More informationBenefits. DOL Fee Disclosure Regulations: What Plan Sponsors Need to Know
Benefits cus Employer Update DOL Fee Disclosure Regulations: What Plan Sponsors Need to Know October 2011 Retirement plan fees and their impact on the retirement savings of plan participants is a topic
More informationService Provider Compensation Disclosure under Section 408(b)(2) of ERISA
EXECUTIVE COMPENSATION & EMPLOYEE BENEFITS CLIENT PUBLICATION August 17, 2010... Service Provider Compensation Disclosure under Section 408(b)(2) of ERISA... On July 16, 2010, the U.S. Department of Labor
More informationFinal Regulation on Service Provider Fee Disclosures for ERISA Retirement Plans
Final Regulation on Service Provider Fee Disclosures for ERISA Retirement Plans About MetLife For over 140 years, MetLife has been one of the country s most trusted financial institutions. The MetLife
More informationPlan Sponsor Fee Disclosure
Plan Sponsor Fee Disclosure Standard Retirement Services, Inc. Overview Full, clear disclosure of all fees associated with qualified retirement plans has long been a goal of the Department of Labor (DOL).
More informationThe New Fee Disclosure Rules: What You Need to Do About 408(b)(2)
ederated The New Fee Disclosure Rules: What You Need to Do About 408(b)(2) What You Need to Do About 408(b)(2) Are You Ready? On April 1, 2012, the rules governing every 401(k) and every private pension
More information10/4/2011. COMPARISON OF DISCLOSURE RULES UNDER FORM 5500 SCHEDULE C AND UNDER 408(b)(2)
COMPARISON OF DISCLOSURE RULES UNDER FORM 5500 SCHEDULE C AND UNDER Employee Benefits Committee Joint Fall CLE Meeting October 21, 2011 Denver, CO Robert A. Miller Calfee, Halter & Griswold LLP Cleveland,
More informationARE YOU READY FOR NEW DOL FEE DISCLOSURE RULES?
ARE YOU READY FOR NEW DOL FEE DISCLOSURE RULES? (updated June 2, 2011) ANTHONY J. KOLENIC, JR. JUSTIN W. STEMPLE GEORGE L. WHITFIELD 2011 Warner Norcross & Judd LLP. All rights reserved. Agenda General
More informationProof of Fee Disclosure -An Example
Proof of Fee Disclosure -An Example Plan sponsor review of service provider arrangements required by ERISA 408(b)(2) June 2011 Federal Reserve Plaza 600 Atlantic Ave, FL 30 Boston, MA 02210 617.723.6400
More informationEMPLOYEE BENEFITS & EXECUTIVE COMPENSATION
EMPLOYEE BENEFITS & EXECUTIVE COMPENSATION February 2011 Disclosure of Fees Received by Retirement Plan Service Providers. PRACTICE LEADER Paul W. Holloway pholloway@hselaw.com PARTNERS Thomas J. Hurley
More informationFee Disclosure. Get the 411 on 408(b)(2) Presented by: Ben Healy, AVP, Operations Eric Grzejka, Manager, Retirement Plan Consulting
Fee Disclosure Get the 411 on 408(b)(2) Presented by: Ben Healy, AVP, Operations Eric Grzejka, Manager, Retirement Plan Consulting Save the Date UPCOMING EVENTS May 28 2015 For Companies (New York, NY)
More informationManaging Employer Fiduciary Issues for 401(k) and 403(b) Plan Sponsors in 2013
Managing Employer Fiduciary Issues for 401(k) and 403(b) Plan Sponsors in 2013 Presented by: Rose Panico-Marino, AIF, ERPA, QPA Senior Vice President January 30, 2013 Learning Objectives Review specific
More informationPerspectives AN EXECUTIVE COMPENSATION, BENEFITS & HUMAN RESOURCES LAW UPDATE
Volume 3, Edition 1 AN EXECUTIVE COMPENSATION, BENEFITS & HUMAN RESOURCES LAW UPDATE IN THIS EDITION... Compliance Deadlines This issue of provides a comprehensive discussion of the final Department of
More informationDOL Publishes Interim Final ERISA Regulation on Service Provider Disclosure Obligations. July 21, 2010
DOL Publishes Interim Final ERISA Regulation on Service Provider Disclosure Obligations July 21, 2010 On July 16, the long-awaited interim final regulation from the U.S. Department of Labor (DOL) on employee
More informationADVISORY Employee Benefits
ADVISORY Employee Benefits F EBRUARY 13, 2012 DOL RELEASES FINAL FEE DISCLOSURE REQUIREMENTS FOR SERVICE ARRANGEMENTS The Department of Labor ( DOL ) has published its final regulation governing the information
More informationIMPACT OF THE PENSION PROTECTION ACT OF 2006 ON TAX-QUALIFIED PLANS AND OTHER ENTITIES December 2006
LOWENSTEIN SANDLER PC CLIENT ALERT EMPLOYEE BENEFITS IMPACT OF THE PENSION PROTECTION ACT OF 2006 ON TAX-QUALIFIED PLANS AND OTHER ENTITIES December 2006 Although the Pension Protection Act of 2006 (the
More informationHartford Retirement Services, LLC. Recordkeeper Plus. Form 5500 Schedule C. Reporting Package
Hartford Retirement Services, LLC Recordkeeper Plus Form 5500 Schedule C Reporting Package Table of Contents 2009 Schedule C Reporting: Introduction...3 COMPENSATION THAT MAY BE REPORTABLE ON THE SCHEDULE
More informationRETIREMENT PLAN BROKERAGE ACCOUNT ERISA 408(B)(2) DISCLOSURE INFORMATION APPLICABLE FOR ERISA RETIREMENT PLANS
This information is being provided to you as the sponsor or other responsible fiduciary of a retirement plan ( Plan ) subject to the Employee Retirement Income Security Act of 1974 ( ERISA ) that maintains
More informationGINGER B. LACHAPELLE, ESQ. BLITMAN & KING LLP
GINGER B. LACHAPELLE, ESQ. BLITMAN & KING LLP FINAL RULE On October 14, 2010, the DOL released final regulations under Section 404(a) of ERISA relating to the disclosure of fee and other information to
More informationRETIREMENT PLAN BROKERAGE SERVICES ERISA 408(B)(2) DISCLOSURE INFORMATION APPLICABLE FOR ERISA RETIREMENT PLANS
This information is being provided to you as the sponsor or other responsible fiduciary of a retirement plan ( Plan ) subject to the Employee Retirement Income Security Act of 1974 ( ERISA ) that maintains
More informationPRIVATE INVESTMENT FUND
PRIVATE INVESTMENT FUND N E W S L E T T E R Department of Labor Proposes Amendments to Regulation Interpreting Multiple Services Exemption January 2008 This newsletter outlines the new disclosure and contract
More informationDate: October 25, 2010 TCRS : Department Of Labor Final Regulations Relating To Participant Fee Disclosure
**** UPDATE: As of February 3, 2012, the DOL has extended the 408(b)(2) effective date to July 1, 2012 and the 404(a) effective date to generally be August 30, 2012. See TCRS 2012-01 memo for details.
More informationNew ERISA 408(b)(2) Regulations Mastering Detailed Requirements for Service Provider Fee Disclosures
Presenting a live 110 minute webinar with interactive Q&A New ERISA 408(b)(2) Regulations Mastering Detailed Requirements for Service Provider Fee Disclosures WEDNESDAY, JANUARY 26, 2011 1pm Eastern 12pm
More informationVendor to Plan Sponsor Fee Disclosure
Vendor to Plan Sponsor Fee Disclosure New vendor to plan sponsor fee disclosure rules are scheduled to go into effect on April 1, 2012. 1 The new rules apply to most employee benefit plans and will require
More informationRETIREMENT PLAN INVESTMENT MANAGEMENT AGREEMENT TRINITY PORTFOLIO ADVISORS LLC
vs.4 RETIREMENT PLAN INVESTMENT MANAGEMENT AGREEMENT TRINITY PORTFOLIO ADVISORS LLC Name of Plan: Name of Employer: Effective Date: This Retirement Plan Investment Management Agreement ( Agreement ) is
More informationDepartment of Labor Issues Final Regulations on Fee Disclosures for Pension Plans
Executive Compensation & Benefits March 23, 2012 (Updated) 1 Department of Labor Issues Final Regulations on Fee Disclosures for Pension Plans by Susan P. Serota and Kathleen D. Bardunias On February 2,
More informationBy Lisa Taggart and Joni Andrioff. Participant disclosure rules are effective. Service provider disclosure rules are effective
A Timely Analysis of Legal Developments A S A P June 6, 2012 DOL s Recent Guidance on New Participant Fee Disclosure Regulations Is a Must Read for Retirement Plan Fiduciaries Preparing for the August
More informationJohn Hancock s ERISA 408(b)(2) Disclosure
John Hancock s ERISA 408(b)(2) Disclosure John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company or New York are collectively referred to as John Hancock. Page 1 The following
More informationCHAPTER 2 DOL FINAL REGULATIONS ON ERISA SECTION 408(b)(2) DOL FINAL REGULATIONS ON ERISA SECTION 408(b)(2)
CHAPTER 2 DOL FINAL REGULATIONS ON ERISA SECTION 408(b)(2) DOL FINAL REGULATIONS ON ERISA SECTION 408(b)(2) Following the release of the Interim Final we now have the Final, Final Section 408(b)(2) Regulations.
More informationThis Employer Webinar Series program is presented by Spencer Fane Britt & Browne LLP in conjunction with United Benefit Advisors
This Employer Webinar Series program is presented by Spencer Fane Britt & Browne LLP in conjunction with United Benefit Advisors This Employer Webinar Series program is presented by Spencer Fane Britt
More informationThe trusted source of actionable technical and marketplace knowledge for AALU members the nation s most advanced life insurance professionals.
The trusted source of actionable technical and marketplace knowledge for AALU members the nation s most advanced life insurance professionals. TOPIC: Final Retirement Plan Participant Level Fee Disclosure
More informationGetting Ready for the 2009 Form 5500
Getting Ready for the 2009 Form 5500 Part Three of a Three-Part Series: Understanding the Report of Indirect Compensation We have prepared this list of frequently asked questions ( FAQs ) for the benefit
More information"3(38) Manager" Program Services Agreement
"3(38) Manager" Program Services Agreement Wilshire Associates Incorporated ("Wilshire") is pleased to have the opportunity to provide our "3(38) Manager" Program Services (the "Services") to your Plan.
More informationInvestment Advisers as Fiduciaries
The DOL s New Rules for Retirement Investment Advice Douglas J. Heffernan, Megan E. Hladilek, and Graham P. Widmer Faegre Baker Daniels LLP After years of debate and speculation, the Department of Labor
More informationNo. 23 February 3, Department of Labor
Vol. 77 Friday, No. 23 February 3, 2012 Part II Department of Labor Employee Benefits Security Administration 29 CFR Part 2550 Reasonable Contract or Arrangement Under Section 408(b)(2) Fee Disclosure;
More informationFinal Regulation on Participant-Level Fee Disclosures. By: Andrew Varady, Esq. Associate General Counsel, MetLife
Final Regulation on Participant-Level Fee Disclosures By: Andrew Varady, Esq. Associate General Counsel, MetLife Contents 1 Introduction 2 Background 2 New Participant-Level Fee Disclosure Requirements
More informationSoltis Investment Advisors Fiduciary Education
Soltis Investment Advisors Fiduciary Education November 2017 Kim D. Anderson, AIF Managing Partner, Retirement Plan Services Soltis Investment Advisors is proud to be among the first investment advisors
More informationService Provider Fee Disclosure
Service Provider Fee Disclosure ERISA 408(b)(2) Regulations AU MEDICAL CENTER, INC. AU MEDICAL CENTER, INC. 403B RETIREMENT SAVINGS PLAN VALIC Mutual Fund Platform The Employee Retirement Income Security
More informationParticipant Fee Disclosures for ERISA Plans
Participant Fee Disclosures for ERISA Plans About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ( MetLife ), is one of the largest life insurance companies in the world. Founded
More informationWHAT IS NEW IN DC: THE MOST CRITICAL ITEMS TO THE OBAMA ADMINISTRATION. December 2010
WHAT IS NEW IN DC: THE MOST CRITICAL ITEMS TO THE OBAMA ADMINISTRATION December 2010 by: Marcia S. Wagner, Esq. The Wagner Law Group A Professional Corporation 99 Summer Street, 13 th Floor Boston, MA
More informationInvestment Management Institute 2017
CORPORATE LAW AND PRACTICE Course Handbook Series Number B-2309 Investment Management Institute 2017 Volume One Co-Chairs Barry P. Barbash Paul F. Roye To order this book, call (800) 260-4PLI or fax us
More informationClass Exemption for Principal Transactions in Certain Assets Between Investment Advice
Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (Principal Transactions Exemption) with Amended Applicability Dates
More informationAttachment to Special Bulletin a 5 Fiduciary requirements for disclosure in participant-directed individual account plans.
2550.404a 5 Fiduciary requirements for disclosure in participant-directed individual account plans. TABLE OF CONTENTS 2550.404A 5 FIDUCIARY REQUIREMENTS FOR DISCLOSURE IN PARTICIPANT- DIRECTED INDIVIDUAL
More informationSUMMARY OF FINAL RULE ON FIDUCIARY REQUIREMENTS FOR DISCLOSURE IN PARTICIPANT-DIRECTED INDIVIDUAL ACCOUNT PLANS. February 6, 2012
THE PLAN SPONSOR COUNCIL OF AMERICA Serving Retirement Plan Sponsors for More than 60 Years 500 Eighth Street, NW, Suite 210, Washington, DC 20004 202.863.7272 ferrigno@401k.org Edward Ferrigno Vice President,
More informationSM SERVICE AGREEMENT. . The Plan Year in which Client engages MVP to begin providing services
SERVICE AGREEMENT This Service Agreement ( Agreement ) is entered into on the Effective Date set forth below between MVP Plan Administrators, Inc. ( MVP ), and the Plan Sponsor or Client. Except where
More informationFee Disclosure in Defined Contribution Retirement Plans: Background and Legislation
Fee Disclosure in Defined Contribution Retirement Plans: Background and Legislation John J. Topoleski Analyst in Income Security January 29, 2010 Congressional Research Service CRS Report for Congress
More informationAon Hewitt Compliance Calendar - Significant Compensation and Benefit Due Dates for 2012
Aon Hewitt Compliance Calendar - Significant Compensation and Benefit Due Dates for 2012 January 2012 This Compliance Calendar assumes a plan administered on a calendar year basis by an employer with a
More informationSchwab Bank Collective Trust Funds
Schwab Bank Collective Trust Funds Explanation of Fees and Services Contact us: (877) 824-5615 schwabbankfunds@schwab.com www.schwabbankfunds.com I N S I D E: Services Provided by Charles Schwab Bank and
More informationThe Impact of the DOL Fiduciary Duty Rule on Bank Broker-Dealer Distribution of Securities and Insurance
Clifford E. Kirsch W. Mark Smith April 25, 2016 The Impact of the DOL Fiduciary Duty Rule on Bank Broker-Dealer Distribution of Securities and Insurance All Rights Reserved. This communication is for general
More informationThe Definition of a Fiduciary - The Times They are a Changin
The Definition of a Fiduciary - The Times They are a Changin Bob Kaplan, CFP, CPC QPA, APA VP, National Training Consultant www.ing.com Important Information CIRCULAR 230 DISCLOSURE: Any tax discussion
More informationAfter 408(b)(2): Benchmarking Reasonableness
After 408(b)(2): Benchmarking Reasonableness FRED REISH, ESQ. Fred.Reish@dbr.com www.linkedin.com/in/fredreish April 27, 2012 Plan Expenses under ERISA The fiduciary responsibility rule in ERISA 404(a)(1)(A)
More informationInvestment Recommendations Covered Under the Rule
U.S. Department of Labor Employee Benefits Security Administration January 2017 Set out below are a number of Frequently Asked Questions (FAQs) regarding implementation of the conflict of interest (COI)
More informationContinued on next page. 1 Form 5500/Industry Education
RETIREMENT New Rules for Form 5500 INDUSTRY EDUCATION The Department of Labor (DOL) has revised its annual reporting form for qualified retirement plans, increasing fee transparency and delaying the transition
More informationU.S. Department of Labor Finalizes Fiduciary Definition and Conflict of Interest Rule
U.S. Department of Labor Finalizes Fiduciary Definition and Conflict of Interest Rule April 19, 2016 On April 6, 2016, the U.S. Department of Labor (Department) issued its highly anticipated final rule
More informationSUMMARY OF THE 401(k) FAIR DISCLOSURE FOR RETIREMENT SECURITY ACT OF
SUMMARY OF THE 401(k) FAIR DISCLOSURE FOR RETIREMENT SECURITY ACT OF 2007 1 PREPARED BY THE BENEFITS GROUP OF DAVIS AND HARMAN, LLP OVERVIEW IN GENERAL The Employee Retirement Income Security Act of 1974
More informationConsiderations for Registered Investment Advisors
The DOL Conflict of Interest Rule Considerations for Registered Investment Advisors The Department of Labor s Conflict of Interest Rule (the Rule) has broad implications for the financial services industry.
More informationNEW FIDUCIARY INVESTMENT ADVICE RULE. A Significant Change For Investment Advisers To Retirement Plans And IRAs,
NEW FIDUCIARY INVESTMENT ADVICE RULE A Significant Change For Investment Advisers To Retirement Plans And IRAs, As Well As Those Who Maintain Retirement Plans and IRAs On April 6, 2016, the U.S. Department
More information401(k) Fee Disclosure Form
401(k) Fee Disclosure Form The 401(k) Fee Disclosure Form is designed as a tool for plan sponsors to identify the fees and potential conflicts of interest of service providers. The Form may be used to
More informationEvaluating the Reasonableness of Plan Fees in Light of the New Disclosures
Measurably Different Evaluating the Reasonableness of Plan Fees in Light of the New Disclosures presented by Mike Falcone Managing Director, East Region mikef@401kadvisors.com Paul Powell Managing Director
More informationThe Hartford is pleased to provide you with the enclosed Disclosure Statement Reasonable Contract or Arrangement under ERISA Section 408(b)(2).
The Hartford Retirement Plans Group P.O. Box 1583 Hartford, CT 06144-1583 EASTERN CO SERVICES FOR THE DEVELOPMENTA DEVELOPMENTALLY DISABLED 617 SOUTH 10TH AVE. STERLING CO 80751 Dear Plan Sponsor, The
More information2018 Aon Compliance Calendar Significant Compensation and Benefit Due Dates
2018 Aon Compliance Calendar Significant Compensation and Benefit Due Dates Aon is pleased to present its 2018 Compliance Calendar to help plan sponsors identify significant compensation and benefit due
More informationSponsor Guide to Understanding Fee Disclosure
Sponsor Guide to Understanding Fee Disclosure The Department of Labor s regulation (covering plans subject to the Employee Retirement Income Security Act of 1974 (ERISA)) requires service providers, including
More informationDOL 408(b)(2) Plan Sponsor Fee Disclosure Summary Document for Retirement Plan Services provided by John Hancock Retirement Plan Services, LLC
John Hancock Retirement Plan Services, LLC ( JHRPS ) has always believed in clearly explaining the fees, expenses, and costs associated with our administration of your retirement plan. We have employed
More informationA NEW FIDUCIARY RULE FOR THE INVESTMENT ADVICE PLAYBOOK
PlanAdvisorTools.com A NEW FIDUCIARY RULE FOR THE INVESTMENT ADVICE PLAYBOOK How the DOL s Fiduciary Rule Has Fundamentally Changed Investment Advice for IRAs By Fred Reish - Partner, Drinker Biddle &
More informationThe DOL s Fiduciary Rule: What It Means to Advisers FRED REISH, ESQ.
The DOL s Fiduciary Rule: What It Means to Advisers FRED REISH, ESQ. April 7, 2015 Structure of Fiduciary Package The DOL s definition of fiduciary investment advice: covers most investments sales practices.
More informationINTEGRATING ERISA INTO YOUR COMPLIANCE SYSTEMS. May 7, Marcia S. Wagner, Esq.
INTEGRATING ERISA INTO YOUR COMPLIANCE SYSTEMS May 7, 2012 Marcia S. Wagner, Esq. The Wagner Law Group A Professional Corporation 99 Summer Street, 13 th Floor Boston, MA 02110 Tel: (617) 357-5200 Fax:
More informationAmeriprise Access Account Program Client Agreement
Provide this form to the client. Do NOT send it to the Corporate Office. Ameriprise Access Account Program Client Agreement 1. Overview of Access Account Program the in the Application or and the SIS the
More informationRegulatory Update Department of Labor Proposes Sweeping New Fiduciary Definition
Reprinted with permission from Employee Benefit Plan Review, February 2011. All rights reserved, WoltersKluwer Company, New York, N.Y. Regulatory Update Department of Labor Proposes Sweeping New Fiduciary
More information2019 Aon Compliance Calendar Significant Compensation and Benefit Due Dates. Prepared by Aon
2019 Aon Compliance Calendar Significant Compensation and Benefit Due Dates Prepared by Aon 2019 Aon Compliance Calendar Significant Compensation and Benefit Due Dates Aon is pleased to present its 2019
More informationBASIC RETIREMENT PROGRAM
BASIC RETIREMENT PROGRAM BASIC (Keogh) Plan Account Custodial Agreement Retirement Asset Savings Program (RASP) Fact Sheet Merrill Lynch Statement Link Service Merrill Lynch is the marketing name for Merrill
More informationInvestment Management/ ERISA Fiduciary Alert. DOL Takes Action on Disclosure of Compensation
Investment Management/ ERISA Fiduciary Alert January 2008 K&L Gates comprises approximately 1,500 lawyers in 24 offices located in North America, Europe and Asia, and represents capital markets participants,
More informationThe Fiduciary Re-Proposal: The New Definition and Its Consequences
The Fiduciary Re-Proposal: The New Definition and Its Consequences FRED REISH, ESQ. Fred.Reish@dbr.com www.linkedin.com/in/fredreish April 27, 2012 Fiduciary Status for Investment Advice The Department
More informationThe Service & Fee Disclosure Package for Plan Fiduciaries should be used as a companion to
730 Third Avenue 5th Floor New York, NY 10017 Dear Plan Sponsor: This Service & Fee Disclosure Package for Keogh Plan Fiduciaries is designed to help you better understand your obligations as a plan fiduciary
More informationindependent financial expert and the fiduciary that would be the product provider or an affiliate of the investment provider.
INVESTMENT ADVICE TO DEFINED CONTRIBUTION PLAN PARTICIPANTS- UPDATE ON IMPACT OF DEPARTMENT OF LABOR ADVISORY OPINION 2001-09A AND THE PENSION PROTECTION ACT OF 2006 Under Section 3 (21) (A) (ii) of ERISA,
More informationBaird Equity Asset Management Chautauqua Capital Management
Baird Equity Asset Management Chautauqua Capital Management Brochure March 30, 2017 Baird Equity Asset Management Chautauqua Capital Management 777 East Wisconsin Avenue 921 Walnut Street, Suite 250 Milwaukee,
More informationThe DOL Fiduciary Rule. Questions & answers by Fred Reish. Retirement Plan Solutions. Content provided by. Compliments of
Retirement Plan Solutions Content provided by The DOL Fiduciary Rule by Fred Reish Compliments of The law and analysis contained in these questions and answers are current as of June 2016, are general
More informationDOL fiduciary rule update What it means and how it impacts advisors
DOL fiduciary rule update What it means and how it impacts advisors April 28, 2016 For broker/dealer use only. Not to be used with the public. DoL publishes final fiduciary rule April 6, 2016 Unpacking
More informationA guide to the fiduciary role in a retirement plan
Retirement Plan Solutions Content provided by: Compliments of TD Ameritrade Institutional A guide to the fiduciary role in a retirement plan Understanding your status, supporting plan sponsors as fiduciaries,
More informationNew FAQs Provide Participant Fee Disclosure Guidance. Next Steps for Plan Sponsors September 2012
New FAQs Provide Participant Fee Disclosure Guidance Next Steps for Plan Sponsors September 2012 Table of Contents New FAQs Provide Participant Fee Disclosure Guidance Next Steps for Plan Sponsors 2 Good
More informationDC Plan Fee Transparency:
DC Plan Fee Transparency: Fiduciaries Managing Costs Presented by: Linda Ruiz-Zaiko, President Bridgebay Financial, Inc. ruiz-zaiko@bridgebay.com www.bridgebay.com Randy Murphy Manager, Global Equity Plan
More informationNew ERISA 408(b)(2) Regulations Mastering Detailed Requirements for Service Provider Fee Disclosures
Presenting a live 110 minute webinar with interactive Q&A New ERISA 408(b)(2) Regulations Mastering Detailed Requirements for Service Provider Fee Disclosures WEDNESDAY, JANUARY 26, 2011 1pm Eastern 12pm
More informationInaugural Memphis Compliance Roundtable
Inaugural Memphis Compliance Roundtable The DOL's Proposed Change to the Definition of Fiduciary Investment Advice Mark Griffin mgriffin@bakerdonelson.com Points: Investment Advice and Fiduciary Status
More informationSupplement to IRA, 403(b) and 457(b) Custodial Agreements
Supplement to IRA, 403(b) and 457(b) Custodial Agreements The updates below apply to the American Century Investments custodial agreements for the following retirement accounts: SEP IRA, SARSEP IRA, SIMPLE
More informationVILLAGE OF DOWNERS GROVE Report for the Village Council Meeting
RES 2017-7240 Page 1 of 28 VILLAGE OF DOWNERS GROVE Report for the Village Council Meeting 1/24/2017 SUBJECT: Renewal of VEBA Agreement with Total Administrative Services Corporation d/b/a Genesis Employee
More informationClient Agreement. Ameriprise SPS Advisor. Provide this form to the client. Do NOT send it to the Corporate Office
Provide this form to the client. Do NOT send it to the Corporate Office Ameriprise SPS Advisor Client Agreement 1. Overview of Ameriprise Managed Accounts Ameriprise Financial Services, Inc. offers several
More informationState Street Global Advisors ERISA 408(b)(2) Fee Disclosure Pursuant to U.S. Department of Labor Regulations Section b-2
ERISA 408(b)(2) Fee Disclosure Pursuant to U.S. Department of Labor Regulations Section 2550.408b-2 This information is not, and shall not be deemed to constitute, any type of advice, including but not
More informationAon Hewitt Retirement & Investment
Risk. Reinsurance. Human Resources. After more than five years, on April 6, 2016 the U.S. Department of Labor ( DOL ) issued the final regulations defining what it means to be an investment advice fiduciary.
More information1st Global Advisors, Inc Merit Drive, Suite 1200 Dallas, TX 75251
1st Global Advisors, Inc. 12750 Merit Drive, Suite 1200 Dallas, TX 75251 This brochure provides information about qualifications and business practices of 1st Global Advisors, Inc. 1st Global Advisors,
More informationERISA 404(c) Compliance
New York Life Retirement Plan Services A Guide to ERISA 404(c) Compliance A G U I D E T O E R I S A 4 0 4 ( c ) C O M P L I A N C E ERISA 404(c) Compliance: The Fiduciary Protection You Need It s time
More informationAnchor Capital Management Group, Inc. 15 Enterprise, Suite 450 Aliso Viejo, CA (800) March 15, 2017
Management Group, Inc. 15 Enterprise, Suite 450 Aliso Viejo, CA 92656 (800) 290-8633 March 15, 2017 This Brochure provides information about the qualifications and business practices of Anchor Capital
More informationWHITE PAPER. February, 2010 A GUIDE TO RETIREMENT PLAN FEES & EXPENSES. Asset-Based Fees & Expenses
February, 2010 WHITE PAPER A GUIDE TO RETIREMENT PLAN FEES & EXPENSES Ronald J. Triche, Esq. Director, Trucker Huss, APC Brian A. Montanez, AIF, QPA, QKA, QPFC Principal, Multnomah Group In this paper,
More informationWCG ISC Portfolios. Registered As: WCG Wealth Advisors, LLC. Doing Business As: The Wealth Consulting Group
Item 1 Cover Page Wrap Program Brochure WCG ISC Portfolios Registered As: WCG Wealth Advisors, LLC Doing Business As: The Wealth Consulting Group Registered Investment Advisor 8925 West Post Road Suite
More informationAmeriprise Strategic Portfolio Service
Provide this form to the client. Do NOT send it to the Corporate Office. Ameriprise Strategic Portfolio Service Advantage Client Agreement 1. Overview of Ameriprise Managed Accounts Ameriprise Financial
More informationPutting 408(b)(2) disclosure rules into practice: A guide for plan sponsors
Putting 408(b)(2) disclosure rules into practice: A guide for plan sponsors Prepared by The Wagner Law Group What s inside 2 Introduction 3 Plan sponsor s 408(b)(2)-related fiduciary duties 4 Contacting
More informationMatrix Trust Company AUTOMATIC ROLLOVER INDIVIDUAL RETIREMENT ACCOUNT SERVICE AGREEMENT PLAN-RELATED PARTIES
Matrix Trust Company AUTOMATIC ROLLOVER INDIVIDUAL RETIREMENT ACCOUNT SERVICE AGREEMENT PLAN-RELATED PARTIES Plan Sponsor: Address: City: State: ZIP: Phone Number: ( ) Tax ID#: Plan and Trust Name(s):
More informationDOL Releases Final Disclosure Regulations for Participant-Directed Individual Account Plans. October 26, 2010
DOL Releases Final Disclosure Regulations for Participant-Directed Individual Account Plans October 26, 2010 On October 14, the Department of Labor (DOL) released final regulations that will impose new
More information