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New rules aid fiduciaries

The U.S. Department of Labor has announced a rule that will aid fiduciaries of 401(k) and other employee benefit plans in determining the reasonableness of compensation paid to plan service providers, and help identify conflicts of interest that may

By Danielle Andrus | Updated on January 30, 2008

The U.S. Department of Labor has announced a rule that will aid fiduciaries of 401(k) and other employee benefit plans in determining the reasonableness of compensation paid to plan service providers, and help identify conflicts of interest that may affect a service provider’s performance under a service contract or arrangement. The new rule would require contracts between certain providers and plans to require all services, and all direct and indirect compensation received by the service provider, to be disclosed in writing, as well as any possible conflicts of interest.

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