What Should Plan Fiduciaries Be Doing Now?
The regulations were issued in proposed form and are subject to a comment period. While the DOL may modify certain provisions of the proposed regulations in response to comments, given the DOL’s long-expressed concerns regarding investment and fee disclosures, it should be anticipated the rules set forth in the proposed regulations largely will be retained. Whatever modifications may be made in the final regulations, it is clear that the fiduciaries of all participant-directed individual account plans will need to provide more frequent and detailed disclosure of investment and fee information in order to comply with their fiduciary duties. Therefore, plan fiduciaries should begin to think about how best to assure compliance with the new rules once they become effective (no earlier than January 1, 2009). Given the nature of the required disclosures, fiduciaries will need to work closely with investment providers. Therefore, plan fiduciaries should communicate with investment providers a
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- What Should Plan Fiduciaries Be Doing Now?
