Comments on: 4 Ways the New 408(b)2 Disclosure Regulations Will Benefit Plan Sponsors

By: Joe Gordon

Joe Gordon — Wed, 28 Jul 2010 11:40:15 +0000

Only thing I dislike is the change to NOT requiring a services agreement with all parties. When people sign something saying the disclosures are valid, they tend not to lie as much and are attesting that they reviewed what they are signing.
I can foresee instances where brokers bait and switch, and if caught, simply say, “Oops!, sorry! A little sloppy on my part!”

By: Alexander G. Assaley, III AIF

Alexander G. Assaley, III AIF — Wed, 28 Jul 2010 02:44:00 +0000

I agree with each of your comments and applaud the DOL’s steps to require disclosure of fees and services. I would have liked to have seen stronger disclosures regarding fiduciary / non-fiduciary capacity, but we shall see if the SEC and potential Congress take care of this with a universal fiduciary standard. Lastly, it is important for truly qualified retirement plan advisers to help communicate and educate the plan sponsor community on the requirements and importance of this reg; otherwise I still foresee many plans with undisclosed or excessive costs – and therefore, not in compliance and not on track for a better plan, come 7/16/11.

By: Chad Griffeth

Chad Griffeth — Tue, 27 Jul 2010 22:30:10 +0000

I agree on both counts, and feel that this only will benefit the improved fiduciary oversight and education of plan sponsors, which ultimately benefits participant outcomes.

By: Brad Hyde, QPFC, AIF

Brad Hyde, QPFC, AIF — Tue, 27 Jul 2010 22:28:27 +0000

I cannot wait for these rules to be put in place. We RIA’s will finally have a level playing field since we have been practicing full fee disclosure all along.

By: Jim Geld

Jim Geld — Tue, 27 Jul 2010 22:22:34 +0000

The opportunity to see the “fully bundled” programs unlock their fees almost boggles the mind. Finally we will be able to show the benefits of “universal access” programs in a strategic alliance.