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Help for Retirement Plan Sponsors Facing New Participant Fee Disclosure Rules

New white paper from the Principal Financial Group provides education and guidance

January 31, 2011 (Des Moines, IA) - Retirement plan sponsors are preparing for a different way to communicate fees to participants because of a new fee disclosure regulation released by the Department of Labor (DOL).

A new white paper from the Principal Financial Group®—authored by noted ERISA expert Jamey Delaplane of Davis & Harman, LLP—will help plan sponsors and their financial professionals understand and comply with the new rules.

Available at www.principal.com/feedisclosure, “New Participant Fee Disclosure Rules: What Plan Sponsors Need to Know” provides expert insight on the new participant fee disclosure regulation, including:

  • Plans and participants impacted by the new rules
  • Types of information that must be disclosed (such as investment direction and options, investment fees, administrative charges, individual expenses, performance data and more)
  • Special disclosure rules for certain types of investments like brokerage windows, target-date funds, annuities and company stock
  • Delivery options for participant disclosures
  • Required timing of disclosures
  • Repercussions for failing to meet the new requirements

Plan sponsors are hungry for guidance on this issue. “While the regulation isn’t a sea change from the type of information currently provided, it does generally change how the information will be presented—and many plan sponsors have questions about how to comply,” explains Greg Burrows, senior vice president of retirement and investor services at The Principal®. “That’s why The Principal is committed to providing the in-depth education, resources and tools that plan sponsors and financial professionals need to feel more confident about their ability to comply with the new rules.”

For additional guidance on fee disclosure regulations—including a video of Jamey Delaplane explaining key points of the new rules, timing requirements and next steps—plan sponsors and financial professionals can visit www.principal.com/feedisclosure.

For more news and insights from The Principal, connect with us on Twitter at: http://twitter.com/ThePrincipal.

About the Principal Financial Group

The Principal Financial Group® (The Principal®)[1] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $305.7 billion in assets under management[2] and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG.

 

Insurance products and plan administrative services are provided by Principal Life Insurance Company a member of the Principal Financial Group® (The Principal®), Des Moines, IA 50392.

Jamey Delaplane and Davis & Harman, LLP are not an affiliate of any member company of the Principal Financial Group.

While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.

t11012401v7 - 01/2011

[1]
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
[2]
As of Sept. 30, 2010.

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Call 515.246.4907 or see the full Media Relations contact list.

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