by R. Dean Piccirillo, CFP®, CRPS®, AIFA®
Principal/Senior Financial Advisor
HBKS Wealth Advisors

As many retirement plan sponsors are now aware, the Department of Labor’s three-pronged approach to fee disclosure for 401(k)s  and other qualified plans, has brought about a series of changes that have marked the past several years. The first phase of these fee disclosures required disclosure from a plan sponsor to the regulator through Schedule C of Form 5500.  This disclosure, through the tax return required to be filed by qualified plans, has been in place since January of 2009.  The next two phases of the fee disclosure process will include those from service providers, such as retirement plan recordkeeping firms, third-party administrators, investment advisors, brokers and other service providers to plan sponsors, as well as disclosures that must be made from the plan sponsor to participants. Ultimately, it is the plan sponsor’s required disclosure to participants that may be the game changer for companies sponsoring retirement plans and for the industry.

In this article, I will highlight the most pertinent aspects of these regulations and those issues requiring plan sponsors’ close attention.  Read more…