DOL Final Fee Disclosure Rules May Have Consequences for Fiduciaries Beyond Fines – Could Result in Increased Litigation and Government Enforcement

    April 2012

    Squire Sanders partners Robert J. Guite and Candace Quinn co-authored the article "DOL Final Fee Disclosure Rules May Have Consequences for Fiduciaries Beyond Fines – Could Result in Increased Litigation and Government Enforcement," which was published in the April 25 edition of Bloomberg BNA’s Pensions & Benefits Daily.

    The article provides an overview of the US Department of Labor’s (DOL) long-awaited final regulations under Section 408(b)(2) of the Employee Retirement Security Act of 1974 (ERISA) that establish enhanced fee and other disclosure requirements for "covered service providers" to pension plans. Rob and Candace address key implications of the final regulations within ERISA’s legal framework, as well as the risk of fiduciary liability and class action litigation under Section 408(b)(2). They also discuss practical considerations for service providers and fiduciaries relating to compliance with DOL’s final regulations.

    Reproduced with permission from Pension & Benefits Daily. Copyright 2012 by The Bureau of National Affairs, Inc.