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Category Archives: Fees and Expenses
IRS Re-Interprets the Form 8717 Determination Letter Fee Exemption
On Oct. 20, 2011, the IRS issued Notice 2011-86, which re-interprets when a plan qualifies for exemption from paying user fees when filing a determination letter application. With the recent IRS increase in user fees for determination letter applications (individually … Continue reading
Posted in Determination Letters, Fees and Expenses, IRS
Tagged determination letter, form 8717, IRS, Notice 2011-86
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IRS Lowers Fee for Becoming or Staying an ERPA or Enrolled Agent
“A public hearing was scheduled for January 14, 2011. The IRS did not receive any requests to testify at the public hearing, and the hearing was cancelled.” You may be asking – how is it possible that the IRS schedule … Continue reading
DOL Releases Final Regs Requiring Annual Fee and Expense Disclosures
Today, the DOL released the Final Regulations on Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans. The regs are 142-pages long and are effective on December 20, 2010. More importantly, they are applicable to covered individual account plans for … Continue reading
Posted in 401(k), DOL, Fees and Expenses, Notices
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60 Minutes Looks at 401(k) Fees
If you missed 60 Minutes last night, you missed Steve Kroft taking a look at 401(k) fees. Last night’s episode is available online here. The segment included a short interview with Rep. George Miller. The interview mentions the 401(k) fee … Continue reading
Posted in 401(k), Fees and Expenses
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Electronic Copies for Nothin’ and Your Paper Copies Are Free
As more offices go green and provide information electronically, a growing question is whether you can charge participants and beneficiaries for paper copies. There are two theories for charging participants and beneficiaries for paper copies. The first theory is that … Continue reading
Posted in Fees and Expenses
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Fee and Expense Information for 401(k) Plans is About to Become Clearer
On July 22, 2008, the Dept. of Labor released new proposed regulations on fiduciary requirements for disclosures in participant-directed individual account plans effective for plan years beginning after January 1, 2009. Participant-directed Individual account plans are plans such as 401(k) … Continue reading
DOL Releases Proposed Fee Disclosure Regulations
The Dept. of Labor released the long-awaited proposed regulations on fee disclosures and fiduciary responsibilities. Officially called the proposed regulations on “Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans”, these proposed regulations are 103 pages long and include a … Continue reading
Posted in DOL, Fees and Expenses
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Reasonable Compensation Proposed Regs Floated by DOL
In a very competitive industry, regulations on reasonable compensation are difficult to argue with. What plan participant has opened their statement on their 401(k) plan and understood at first glance who they were paying fees to, what the fees were … Continue reading
Posted in Fees and Expenses
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401(k) Fee Disclosure Case Dismissed
The U.S. District Court for the Western District of Wisconsin dismissed the 401(k) fee lawsuit filed against Deere & Company and Fidelity last week. In an opinion by Judge Shabaz, the Court granted the motion to dismiss filed by Deere … Continue reading
Posted in Fees and Expenses, Litigation
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How Many Notices Can a Participant Handle
Several conversations today all circled around to the same point – how to map out the notices currently required to be provided to participants and beneficiaries into a coherent schedule so that the required information is provided by the required … Continue reading
