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Clifford Chance

Clifford Chance


Fiduciaries will need to review fee disclosures under new DOL regulations

26 June 2012

Fiduciaries of plans will need to carefully review fee-related information that they receive from service providers, pursuant to new U.S. Department of Labor regulations.

Beginning August 31, 2012, U.S. Department of Labor regulations under Section 404(a)(5) of the Employee Retirement Income Security Act of 1974, as amended require fiduciaries of self-directed, individual account plans to provide participants with (i) quarterly statements regarding plan fees and expenses deducted from participant accounts, (ii) cost and other information about investments available under the plan and (iii) access to supplemental investment information.  Such disclosures generally must use uniform methods to calculate expenses and return information, and must be presented in a format that makes it easy for participants to make comparisons among the investment alternatives.

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