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DOL to offer tool to help plan sponsors seek fiduciary relief

EBSA's new tool helps plan sponsors protect themselves from fiduciary responsibility if service providers fail to comply with 408(b)(2) disclosure requirements.

By Staff Writer | Updated on July 18, 2012

The Department of Labor’s Employee Benefits Security Administration announced Wednesday that it will provide a Web-based tool for plan sponsors who wish to obtain fiduciary relief for a service provider’s failure to comply with the department’s plan-level fee disclosure rule, better known as 408(b)(2).

The final 408(b)(2) regulation, which took effect on July 1, includes a provision to protect plan sponsors or other responsible plan fiduciaries from liability for a breach of their fiduciary duties under the Employee Retirement Income Security Act when, unbeknownst to the plan sponsor, a service provider failed to comply with the regulation’s comprehensive disclosure requirements.

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