Regulatory Update: Department of Labor Issues Regulations on Fee Disclosures by Plan Service Providers

Reprinted with permission from Employee Benefit Plan Review, October 2010.

The Department of Labor (DOL) has published interim final regulations governing disclosures that plan service providers must make to plan fiduciaries regarding compensation for the provision of services to a plan. The regulations impose significant new requirements that are likely to change the way in which plan service providers gather and report fee and compensation information. The new requirements are effective on July 16, 2011, and will apply to both new and existing service contracts or arrangements.