Department of Labor (DOL) issued regulations requiring the disclosure of fees and expenses for defined contribution plans subject to the Employee Retirement Income Security Act of 1974 (ERISA):
- By certain service providers to retirement plan fiduciaries (DOL regulation §2550.408b-2);and
- By plan fiduciaries to their employees who are eligible to participate in the retirement plan, whether or not they participate in the plan (DOL regulation §2550.404a-5). Under this regulation, disclosure must also be provided to beneficiaries of deceased participants and alternate payees under a Qualified Domestic Relations Order (QDRO), who have the right to direct the investment of assets held in their account under the plan.
The following materials have been developed to help you understand these regulations, your role as plan fiduciary/sponsor, and how ING U.S. can help you.
To stay current on any DOL fee disclosure developments, please be sure to bookmark and visit this site regularly.
If your defined contribution plan is not subject to ERISA, you are not subject to these regulations. We are aware that some non-ERISA plans follow ERISA rules as a "best-practice". We anticipate being able to offer non-ERISA plans electronic delivery of fee disclosure consistent with DOL regulations §§2550.408b-2 and 2550.404a-5 by the end of 2013.
DOL Regulatory Information:
The following are links to information from the DOL regarding the regulations. Additional information can be found on the DOL website (www.dol.gov/ebsa):
Provider Disclosure Regulations
Participant Disclosure Regulations
Additional DOL guidance regarding both regulations
The following brochures provide plan sponsors with information about these DOL regulations.
- Sponsor Fee Disclosure for Plans Subject to ERISA
- Participant Fee Disclosure for Plans Subject to ERISA
Questions and Answers Regarding the Regulations
The following document addresses some general questions you may have about the regulations.
Guides to the ING U.S. Fee Disclosure Reports
The following Guides were developed to help you and your participants understand ING U.S.’s fee disclosure reports.