Big shifts may be coming in how retirement plans are managed after the the Labor Department Thursday announced the final version of its rules under Section 408(b)(2) of ERISA, which require broker dealers disclose their services and fees to plan sponsors for individual plans.
Labor further extended the effective date for these rules to July 1, the department says, in order to give plan sponsors more time to comply. Under these new regulations, the emphasis will be on service providers to provide better information to the fiduciaries, says Keith R. McMurdy, a partner at the New York office of Fox Rothschild LLP.
