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Recent Developments in 401(k) Fee Disclosure Rules

 

Are you prepared to handle your 401(k) plan duties? Stay on top of current regulatory, legislative and legal trends.

A full-featured retirement plan is essential to attract and retain loyal, quality employees. Given their highly-regulated environment, however, costs of administering a 401(k) defined contribution plan can be high. Plan sponsors often pay some or all of these costs from plan assets, which reduces participants' account balances. Over a 35-year career, the resulting erosion of plan assets can cost a retiree several hundred thousand dollars.
To address this problem, federal regulators adopted stringent regulations in 2012 designed to ensure full disclosure of all plan-related fees to both plan sponsors and participants. Implementation of these regulations has been mixed. Service provider and participant disclosures can be opaque. Nonetheless, failure to comply with fee disclosure regulations can result in severe penalties, and compliance responsibility falls squarely on plan sponsors. This topic will take a look at how fee disclosure has worked so far, arm plan sponsors with the tools they need to understand fees and ask the right questions when disclosures are unclear, and ensure that they know what and how they must communicate with plan participants to meet their fiduciary obligations.

Agenda

Faculty

Douglas Dormire Powers

Douglas Dormire Powers

Beckman Lawson, LLP

  • Partner in the law firm of Beckman Lawson, LLP, in Fort Wayne, Indiana
  • More than 30 years of private practice experience following three successive federal judicial clerkships
  • Since 1995, he has focused his practice on employee benefits compliance and litigation
  • Has counseled clients on a variety of benefits compliance issues, including fee-for-service plan design consulting, Affordable Care Act compliance, EPCRS applications, Voluntary Fiduciary Compliance Program applications, HIPAA Privacy Rule compliance, COBRA compliance, and QDRO compliance
  • Also litigated a wide range of benefits-related cases in state and federal court, including breach of fiduciary duty claims, claims for benefits, collectively bargained benefits, and reinsurance coverage issues for self-funded health plans
  • Past president of the Great Lakes Employee Plans/Exempt Organizations Council, one of five regional councils that regularly consult with the IRS and DOL on regulatory issues and developments
  • Frequent speaker and wrote on a wide range of benefits issues

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