CONVERSATION TOOLKIT

Evaluating fee disclosures

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Topic overview

There have been major regulatory changes to fee disclosure rules in the past few years affecting business owners who sponsor workplace retirement plans.

The Department of Labor (DOL) expects plan sponsors to evaluate plan fees and expenses regularly to ensure they are reasonable for the services received. Plan sponsors may find that conducting a fee disclosure analysis could help them understand and better evaluate the service provider information they’ll be receiving.

Use this toolkit to help your clients meet their IRS and DOL reporting requirements as well as their participant disclosure responsibilities.

Is this relevant to my clients?

Individuals could benefit from these tools if they:

  • Maintain certain retirement plans for employees:
    • Defined benefit plans
    • 401(k) and other defined contribution plans
  • File Form 5500 annually with the DOL as a requirement