This is the February 2013 edition of our newsletter for service providers to ERISA-governed retirement plans. The newsletter focuses on the legal issues that impact investment advisers, broker-dealers, recordkeepers, third party administrators, and bank and trust companies. However, it may also be interesting reading for plan sponsors and committee members because of the need to understand the issues facing their service providers.

This year promises to be “eventful” for service providers. The DOL has already announced its regulatory agenda, and that includes the publication of guidance on: the projection of retirement income on participant benefit statements; the re-proposal of the fiduciary advice regulation, which would likely expand the definition of fiduciary activities; and a new 408(b)(2) requirement for a guide, or “roadmap,” to accompany the 408(b)(2) disclosures by covered service providers. Each of those, standing alone, is a significant development; in combination, they could cause major changes for service providers—and ultimately for plans and participants.

However, none of the regulations will likely become final in 2013. Instead, this year will mark the issuance of proposals, followed by comments and debate.

Our objective in writing the articles in this newsletter is to provide service providers with information about interesting legal issues . . . and also about their practical consequences. I hope the articles are valuable to you.

The newsletter contains articles on the following topics:

  • Common 408(b)(2) Violations
  • Is Recommending Investment Managers “Investment Advice?”
  • The DOL’s Regulatory Agenda
  • How the ERISA 408(b)(2) Disclosure Requirements Affect Plan Auditors: Problems and Practical Solutions
  • 408(b)(2) Round Two—Summary Disclosure
  • Shining a Light on DIM Status – Qualifying as a Designated Investment Manager
  • Around the Firm


Source: Client Newsletter
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