Great-West Retirement Services says it already has developed a retirement plan fee disclosure document that can meet new U.S. Department of Labor reporting requirements that are set to take effect in 2012.
Starting April 1, 2012, the department’s new 408(b)(2) fee disclosure requirements will require financial services companies and other retirement plan service providers to give the employers that sponsor retirement plans much more information about plan fees.
Great-West, Greenwood Village, Colo., a unit of Power Corp. of Canada, Montreal, that serves as a retirement plan recordkeeper, says its template will give sponsors more information than the regulations require.
The regulations do not require a service provider to show fees in dollars and percentages instead of formulas; but the Great-West document will provide disclosure in both dollars and percentages, the company says. The new disclosure document will also provide a summary of fees and a detailed breakdown of fees by category.
- Allison Bell-