DOL Issues Its Long Awaited Fee Disclosure Regulation
The Department of Labor's long-awaited rule detailing the fee and compensation information that service providers must give to retirement plan sponsors was released earlier this month. The rules, intended to shine a light on the potential conflicts of plan service providers, apply to both defined benefit and defined contribution plans. However, most of the impact will be on defined contribution plans. Under the rule, plan service providers will be required to reveal to plan sponsors all compensation they are receiving, including any revenue sharing or finders' fees. Click here to read an ASPPA ASAP regarding the interim regulations.