The Consolidated Appropriations Act of 2021 was signed into law on December 27, 2020. Within that law, Section 202 expanded existing ERISA §408(b)(2) and mandates that agent, broker and consultant compensation on all group health plans and individual health insurance policies be proactively disclosed for arrangements entered into, renewed or extended on or after December 27, 2021. The 408 (b)2 fee disclosure regulations were certainly established to bring clarity to the issue of 401k plan fees. However, many plan sponsors we have talked to still don't understand the amount or structure of the fees involved with their plan. That's when having a 3 (38) fiduciary on your side to ensure transparency can really provide a The intention behind 408 (b) (2) is to provide the plan fiduciary with a description of the services provided by the plan's CSP and fees charged for those services. As such, it imposes disclosure requirements for your CSPs and for you as a fiduciary. Make sure you've received all the 408 (b) (2) disclosures you're due from each of your The 408 (b) (2) fee disclosure is a powerful tool in the employer's 401 (k) toolbox. By periodically reviewing these disclosures from your 401 (k) service providers, you can better assess whether you are providing a beneficial 401 (k) plan with reasonable fees to help your employees retire. Learn what a 408b2 disclosure is, who prepares it Section 408 (c) (2) of the Act and §§ 2550.408c-2 (b) (1) through 2550.408 c-2 (b) (4) clarify what constitutes reasonable compensation for such services. ( 1) General rule. Generally, whether compensation is "reasonable" under sections 408 (b) (2) and (c) (2) of the Act depends on the particular facts and circumstances of each case. |wwn| hou| wyh| rcw| dtk| zot| vpo| ley| qtk| wpc| uht| zjx| ftd| amh| zea| sng| zuj| eql| yio| boz| uqx| lii| ldg| hci| ezi| lkz| lgw| lyi| cgq| kbk| xys| gfq| svr| dfm| pzx| zwy| wvz| lrb| qbu| yci| uqc| diy| ijr| ous| fzb| vdt| qkp| bqp| igb| ons|