Compliance with the Department of Labor's final 408(b)(2) regulation, the long-awaited final regulation related to service provider fee disclosures, begins July 1, 2012.
The final regulation makes a number of changes to the disclosure obligation of service providers, some of which provide limited relief though others increase the disclosure requirements. The regulation provides a sample "guide" a service provider can give to a covered plan to assist the responsible plan fiduciary in finding the required disclosures, but use of the guide is not mandatory.
Our lawyers have authored client alerts on the regulation, focusing on impacts: