Articles for: ERISA
Why must a service provider disclose fees to plan sponsors in advance of providing the services under the ERISA §408(b)(2) regulations?
ERISA frowns on payments between a plan and someone who has an interest in the plan’s operation (called an interested party). A service provider is an interested party under ERISA, [...]
Key words: 408(b)(2),ERISA,fee disclosure
Can a participant request further information under the ERISA §404(a)(5) Regulations?
Yes. The plan administrator is required to furnish to a participant the following information if the participant requests it: The prospectus or short form or summary prospectuses. Financial statements or [...]
Key words: 404a5 regs,ERISA,participant disclosure
What must be included in the annual disclosure under the ERISA §404(a)(5) Regulations?
The annual disclosures are required to give information regarding the plan and the designated investment alternatives. The categories of items that must be included in the annual disclosures are: General [...]
Key words: 404a5 regs,annual disclosure,ERISA
Can disclosure be made electronically under the ERISA §404(a)(5) Regulations?
Yes. Plan-related information included in the participant benefit statements may be disclosed electronically under the electronic distribution rules that apply to benefit statements. However, investment-related information, while it may be [...]
Key words: 404a5 regs,electronic disclosure,ERISA
What happens if disclosure isn’t made as required under ERISA §404(a)(5)?
The failure to disclose would be considered a breach of fiduciary duty. The DOL does not have any penalties that apply for failure to comply. However, the breach could be [...]
Key words: 404a5,404c,Disclosure,DOL,ERISA,participant fee disclosure