The disclosure of fees by service providers to ERISA plans is a very hot topic. Several high profile class action ERISA lawsuits have been filed alleging inadequate disclosure of revenue sharing and other plan fees. Several bills have been introduced in Congress that would require detailed disclosure of fees by service providers. The Department of Labor recently issued its long-awaited proposed regulation requiring that contracts between ERISA plans and covered service providers include specific disclosure, in writing, of service provider compensation and fees, and potential conflicts of interest. Our panel of private practitioners and DOL representatives will discuss the proposed regulation and a related proposed prohibited transaction class exemption.