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Recent Developments in 401(k) Fee Disclosure Rules

Are you prepared to handle your 401(k) plan duties? Stay on top of current regulatory, legislative and legal trends.

A full-featured retirement plan is essential to attract and retain loyal, quality employees. Given their highly-regulated environment, however, costs of administering a 401(k) defined contribution plan can be high. Plan sponsors often pay some or all of these costs from plan assets, which reduces participantsí account balances. Over a 35-year career, the resulting erosion of plan assets can cost a retiree several hundred thousand dollars. To address this problem, federal regulators adopted stringent regulations in 2012 designed to ensure full disclosure of all plan-related fees to both plan sponsors and participants. Implementation of these regulations has been mixed. Service provider and participant disclosures can be opaque. Nonetheless, failure to comply with fee disclosure regulations can result in severe penalties, and compliance responsibility falls squarely on plan sponsors. This topic will take a look at how fee disclosure has worked so far, arm plan sponsors with the tools they need to understand fees and ask the right questions when disclosures are unclear, and ensure that they know what and how they must communicate with plan participants to meet their fiduciary obligations.

Runtime: 95 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Advent of Fee Disclosure - a Refresher

  • The Problem - Undisclosed Fees Cause Serious Erosion of Retirement Assets
  • The Solution - Plan Sponsor Upstream and Downstream Disclosure

How Has It Worked?

  • Early Experience
  • Service Provider Obfuscation
  • Plan Sponsor Disclosure Challenges
  • Fiduciary Liability Exposure

Recent Developments

  • The Trump Effect
  • Impact of the Fiduciary Duty Rule
  • Litigation Update

Key Takeaways

  • Identify Service Providers
  • Read 408(b)(2) Disclosures and Ask Questions
  • Assess Reasonableness
  • Make Changes If Warranted
  • Get Help on Your 401(a) Disclosures If You Need It
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 28, 2018.

Call 1-866-352-9540 for further credit information.

  • SHRM 1.5
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Douglas Dormire Powers

Douglas Dormire Powers

Beckman Lawson, LLP

  • Partner in the law firm of Beckman Lawson, LLP, in Fort Wayne, Indiana
  • More than 25 years of private practice experience following three successive federal judicial clerkships. Since 1995, he has focused his practice on employee benefits compliance and litigation
  • Has counseled clients on a variety of benefits compliance issues, including fee-for-service plan design consulting, Affordable Care Act compliance, EPCRS applications, Voluntary Fiduciary Compliance Program applications, HIPAA Privacy Rule compliance, COBRA compliance, and QDRO compliance
  • Also litigated a wide range of benefits-related cases in state and federal court, including breach of fiduciary duty claims, claims for benefits, collectively bargained benefits, and reinsurance coverage issues for self-funded health plans
  • Immediate past president of the Great Lakes Employee Plans/Exempt Organizations Council, one of five regional councils that regularly consult with the IRS and DOL on regulatory issues and developments
  • Frequent speaker and wrote on a wide range of benefits issues
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401101
Published 2018
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