The U.S. Department of Labor's final rule regarding fee disclosure to plan sponsors could have some unintended consequences.
Because of its lack of specificity regarding how plan service providers must provide fee information, some in the industry worry that small plan providers will not be able to figure out what they are paying based on what they receive. As the regulation stands, it is on the shoulders of the plan sponsors to let the Department of Labor know if they haven't received the information they are supposed to receive from their service providers.
Plan administrators could get a box of information dumped on them during the last couple of weeks before the July 1 compliance deadline and not have a clue how to read it or figure out what fees they are actually paying.
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