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Quick Takes: January 9, 2008
  

Labor Department Proposes Greater Disclosure From Benefit Plan Service Providers


The increased complexity and scope of companies servicing benefit plans have given rise to conflicts of interests, DOL says.
By Jeremy Smerd
Comments 0 | Recommend 0

Call for Transparency: Federal officials want to require companies that provide services to employee benefit plans to disclose conflicts of interest. The Employee Benefits Security Administration, part of the Department of Labor, proposed in December to require “certain providers of services” to benefit plans to disclose fees, compensation or any other conflict of interest that “may adversely affect the service provider’s performance.”

The new rule could cover 401(k) service providers, health plan fiduciaries like HMOs and pharmacy benefit managers, consultants, third-party administrators and financial investment advisors. The proposed rule could also cover those hired to provide actuarial, accounting, auditing and legal services. The Employee Benefits Security Administration, which listed the proposal in the Federal Register on December 13, estimated the cost of compliance at $52 million in the first year, and $36 million annually thereafter. Written comments on the proposed rule must be received by February 11, 2008.


Jeremy Smerd is a Workforce Management staff writer based in New York. E-mail editors@workforce.com to comment.


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