Congress, GAO, SEC and DOL have all expressed concerns that employers and participants lack adequate information about the fees paid in 401(k) plans and undisclosed arrangements under which services providers receive revenue from the mutual funds and other investment vehicles in addition to amounts paid directly by the employer or plan. Recently a number of class action lawsuits have been filed against employers and service providers alleging that plan fiduciaries have allowed 401(k) plans have paid excessive and improper fees and have failed to disclose revenue sharing payments to participants.

Among other topics, the Panel will cover the following:

DOL’s request for information concerning disclosure of fees and expenses to participants

DOL’s proposal to revise the service provider exemption regulation

DOL’s proposal to require disclosure of indirect consultant and advisor fees on Form 5500

DOL’s new national enforcement policy - the Consultant/Advisor Program (CAP)

Claims and defenses in the recent class action cases

What plan fiduciaries should do to determine if service provider compensation is reasonable