While 401(k) record keepers and service providers are combing through the 408(b)(2) fee disclosure rules with a fine-tooth comb, looking for potential compliance problems, plan sponsors have adopted a wait and see attitude.
During a recent webinar, Fred Reish, partner and chairman of the financial services ERISA team at Drinker Biddle & Reath LLP, expressed concern that the new rules didn't include a summary or road map requirement like was first discussed, but instead proposed the issuance of a guide.
"They attached a sample guide at the end of the regulation. If you look at the sample guide, it is very detailed and may have some other requirements," he said. "It will give people indigestion."
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