Ready or Not? It’s Time to Comply with the DOL’s Participant-Disclosure Regulations

Over the past five years, fiduciaries overseeing 401(k) plans have faced an unwelcome barrage of litigation regarding the fees associated with plan investments and administration. Among other things, the plaintiffs’ bar has targeted ERISA fiduciaries with lawsuits alleging that the fees paid to investment managers and service providers were “excessive,” imprudently evaluated, and inadequately disclosed to plan participants. Given the sheer size of certain corporate plans, the liability exposure in class actions making such claims can be frightening, even when the per-participant “loss” flowing from an allegedly imprudent fiduciary decision is relatively miniscule.

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