Top 10 Questions and Answers
to Help You Address Changes to Section 408(b)(2) of ERISA
Changes to the ERISA rules governing service provider compensation reporting and disclosure have sparked a growing interest in the amount and the reasonableness of compensation that a 401(k) or other defined contribution plan may pay, directly or indirectly, to plan service providers, including financial professionals.
This guide provides a "Top 10 List" of questions and answers to help financial professionals:
- Prepare for questions they may receive as a result of a DOL audit concerning the "covered service provider" role, their compensation and the reasonableness of the service arrangement
- Clarify the different roles they play, dispel misconceptions and explain the value proposition and quality of services they bring to plan clients
- Ensure the fees charged by their firm are effectively evaluated against those of comparable providers
The introductions of 408(b)(2) rule disclosures are an opportunity for you, as a financial professional, to take a proactive approach and reiterate the value of your services to plan clients. Being prepared means you'll spend less time working to alleviate plan fiduciary concerns and more time working with them to meet their plan goals.
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