The deadline for plan sponsors to begin disclosing fees in the 401(k) space is just around the corner. There are five ways to properly communicate, explain fees and meet participant deadlines. First, know who is providing services to the plan including a recordkeeper, advisor, lawyer or auditor. Review your fees and services, document actions and decisions and keep in your fiduciary file. Once you determine who you need to provide disclosure to, assess how to communicate with each participant and determine if you meet electronic delivery rules or will you do hard-copy mailings. The fourth step is to understand how participants are paying fees. Finally, know your deadline for participant disclosure.
The United State is not near the top of this list.
Organizations in the mix include Sun Life U.S., LifeQuotes.com, Allsup, Cigna and MetLife.
Before you send us an angry email, please read all the way to the end of the author's latest column.
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