The Department of Labor's Employee Benefits Security Administration issued on Monday guidance to help plan administrators and service providers comply with the requirements of new rules 408(b)2 and 404(a), which are designed to improve the transparency of fees and investment expenses in retirement plans.
The guidance—Field Assistance Bulletin No. 2012-02—includes a set of frequently asked questions and answers. A total of 38 questions regarding a variety of so-far-unanswered issues are explained; the link above includes a full list of the material covered.
Phyllis Borzi, assistant secretary of Labor for EBSA, said in a statement that the guidance "will help both plan administrators and covered service providers comply with their obligations under the department's new fee-transparency rules, so that workers who make their own investment decisions in retirement plans will have the information they need to make informed investment choices."
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