A Raft of New and Proposed DOL Regulations—Plus the New Dodd-Frank Plan Swap Provisions—Will Keep ERISA Plan Sponsors and Service Providers Busy
Author: Ira G. Bogner.; Adam W. Scoll.
Source: Volume 24, Number 03, January/February 2011 , pp.17-30(14)
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Abstract:
The DOL has recently issued interim final regulations requiring certain ERISA plan service providers to disclose compensation and confl ict of interest information to plan fiduciaries, final regulations requiring plan administrators to disclose certain plan and investment-related information to participants and beneficiaries in participant-directed individual account plans, and proposed regulations changing the definition of “fiduciary” for purposes of ERISA. In addition, the Dodd-Frank Act’s provisions relating to plan swap arrangements may substantially change the rules governing the manner in which ERISA plans and their financial counterparties participate in swaps and certain other derivative arrangements. The new rules will affect financial institutions and other entities in their roles as both plan providers and service providers to the plans of others, and it would make sense to address compliance planning sooner rather than later.Keywords: definition of fiduciary under ERISA, Dodd-Frank Act plan swap provisions, ERISA Section 408(b)(2) fee disclosure rules, participant disclosure rules
Affiliations:
1: Proskauer Rose LLP; 2: Proskauer Rose LLP.