Conversation Toolkit

Evaluating fee disclosures

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

How to use your toolkit

  1. Schedule client meetings to discuss this opportunity.
  2. Email the Pre-Meeting Overview to your clients to set their expectations.
  3. Print out the Meeting Worksheet and review it together.

Disclosures

This material is for educational purposes only. It cannot be used for the purposes of avoiding penalties and taxes. Columbia Threadneedle Investments does not provide tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.