DOL Retirement Plan Fee and Expense Disclosures: Tackling Complex 408(b)(2) Questions
Looking at What Worked and What Needs Improvement in the First Round of 408(b)(2) Disclosures for Service Providers and Plan Sponsors
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will identify the recurring questions that have arisen for benefits counsel encounter when obtaining service provider disclosure requirements under Rule 408(b)(2), as well as the best means for fiduciaries to effectively use that information when outlining plan costs to participants.
Outline
- Introduction and overview of disclosure requirements under 408(b)(2) and related rules
- Benchmarking
- Undertaking a benchmarking analysis and other obligations to assess whether their arrangement with a covered service provider is “reasonable”
- How fiduciaries benchmark—methods and plans
- Choosing benchmarking experts
- Who pays for experts
- How often is the need to hire outside experts
- What to do after obtaining benchmarks
- Frequency of sending out RFP
- What to do re: regulations saying price is not the only item to be evaluated
- The experience for responsible fiduciaries
- Responsible fiduciaries’ preexisting responsibility to determine need for services and reasonableness of fees—how following the regulation improved or hindered that process
- Whether responsible fiduciaries found the information useful in preparing participant disclosures
- Assessing compliance by service providers
- Treatment of service providers that are also responsible plan fiduciaries
- Participant disclosure—was plan fiduciary or HR department ready for increased participant questions?
- Common difficulties and questions
Benefits
The panel will review these and other key questions:
- When undertaking a benchmark analysis, what do plan fiduciaries have to do to assess whether a service plan arrangement is reasonable?
- Who pays for outside experts evaluating service costs—the plan or the plan sponsor?
- What should plan fiduciaries do when receiving incomplete or inadequate disclosures?
- What obligations are there for a service provider that is also a plan fiduciary beyond appointing an investment manager?
Following the presentations, the speakers will address your specific questions during the interactive Q&A.
Faculty
Sarah E. Downie
Partner
Orrick Herrington & Sutcliffe
She advises plan sponsors, employers, management and executives on all aspects of compensation and benefits, including... | Read More
She advises plan sponsors, employers, management and executives on all aspects of compensation and benefits, including pension and welfare plan design, administration, and compliance with various federal and state laws, including ERISA.
CloseJeffrey Lieberman
Partner
Clifford Chance
His practice specializes in employee benefits and executive compensations. He is a regular publisher of articles on... | Read More
His practice specializes in employee benefits and executive compensations. He is a regular publisher of articles on such topics as executive compensation, tax-qualification requirements and the structuring of plan investments in light of ERISA’s "plan asset" rules.
CloseAdrienne A. Scerbak
Of Counsel
Winston & Strawn
She focuses her practice in the area of Title I of ERISA, advising private equity, real estate, and hedge funds as... | Read More
She focuses her practice in the area of Title I of ERISA, advising private equity, real estate, and hedge funds as well as other financial institutions on the prohibited transaction and fiduciary responsibility rules applicable to employee benefit plan investors. She also advises employee benefit plans and their fiduciaries with respect to such investments.
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