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What must be disclosed under the ERISA §408(b)(2) regulations?
Covered service providers must describe the services provided and disclose the amount of (1) direct compensation, (2) indirect compensation, (3) compensation paid among related parties, and (4) compensation for termination of the contract or [...]
Key words: 408(b)(2),Disclosure,ERISA,fee disclosure
I don’t want to give the non-highly compensated employees an allocation. Do I have to?
The Internal Revenue Code provides that a qualified plan cannot discriminate in favor of highly compensated employees. Under Code Section 401(a)(4), the contribution must be available on a nondiscriminatory basis [...]
Key words: 401a4,compensation,discrimination,highly compensated,non-highly
To whom is disclosure made under the final ERISA §408(b)(2) regulations?
The disclosure is made to the “responsible plan fiduciary,” defined in the regulations as a fiduciary with authority to cause the covered plan to enter into, or extend or renew, [...]
Key words: 408(b)(2),Disclosure,ERISA
What types of compensation are defined in the ERISA §408(b)(2) regulations?
Direct compensation is received directly from the plan. Indirect compensation is compensation that is received from any source other than the plan, the plan sponsor, the covered service provider, an [...]
Key words: 408(b)(2),compensation,ERISA
What plans are subject to the ERISA §408(b)(2) plan sponsor fee disclosure regulations?
All ERISA retirement plans (for example, tax-qualified retirement plans) other than SEP IRAs and SIMPLE IRAs are subject to these fee disclosure rules. Non-ERISA plans (e.g. IRAs, church plans, governmental [...]
Key words: 408(b)(2),ERISA,fee disclosure
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The Nyhart Knowledge Center is a free resource to CFOs and HR executives to help you resolve and understand the complex issues regarding your actuarial and employee benefit questions. The Knowledge Center is an archive of answers from our team of actuaries, administrators and retirement consultants and is intended to help provide you with the background you need.