Michelle Capezza Quoted in Article, “Employers Must Hurry to Disclose Retirement Plan Fees”Employment Law360 July 2, 2012
Michelle Capezza, a Member of the Firm in the Employee Benefits practice, in the New York office, was quoted in an article titled "Employers Must Hurry to Disclose Retirement Plan Fees." (Click to read the full version — subscription required.)
Following is an excerpt:
With the U.S. Department of Labor's new fee disclosure rules for retirement plan service providers now in effect, attorneys say employers have no time to lose in preparing to pass detailed plan information along to participants by Aug. 30 in order to avoid liability. ?...
"Employers need to have a follow-up plan in place because there will ongoing compliance obligations," said Michelle Capezza.
Employers should have procedures ready for reviewing their disclosures moving forward and to have a plan to monitor any changes to the data they disclose so that the information can be updated before any changes occur, Capezza said.
And as time goes by, they may also want to make sure they are testing their plans against the market periodically to make sure their fee arrangements are still reasonable before extending or renewing or entering a new contract, she said.