Disclosing Changes-FAQs on 408b-2 and 404a-5
SunGard Relius has posted two FAQs on what retirement plan information needs to be disclosed and when by covered service providers (CSPs) under regulation 408b-2 and by plan administrators under regulation 404a-5.
Click
here for more information on the following questions related to
plan administrator fee disclosure under regulation 404a-5:
- In general, what information must a plan administrator disclose to a participant?
- What information must the plan administrator disclose under the plan-related disclosures?
- If the plan makes any mid-year changes in the information disclosed under the plan-related information, will the plan administrator need to provide a change notice?
- If there is a mid-year change to the annual administrative or individual expense disclsoures, will the plan administrator need to provide a change notice to participants?
- If there are mid-year changes to the investment disclosures (e.g., comparative chart), will the plan administrator need to provide a change notice to participants?
- If the plan adds a new designated investment alternative (DIA), what information must the plan administrator provide?
- When must the plan administrator disclose mid-year changes of the annual disclosures to participants?
- If a participant enters mid-year, must the plan administrator provide the participant updated disclosures?
- If a plan adds a new DIA, when must the covered service provider disclose the investment information about the DIA to the responsible plan fiduciary?
Click
here for more information the following questions related to
covered service provider (CSP) fee disclosure under regulation 408b-2:
- When must the covered service provider (CSP) provide disclosures with respect to changes in the contract?
- If a plan adds a new designated investment alternative (DIA), when must a covered service provider disclose the investment information about the DIA to the responsible plan fiduciary?
- Must all changes be disclosed, even if they are relatively minor
- If a nonregistered fund or investment contract determines that it does not hold plan assets because retirement plans hold less than 25% of the assets in the fund, but subsequently the fund determines it holds plan assets, when must the fiduciary of the fund make the required disclosures to the responsible plan fiduciary?
- When must a platform recordkeeper or a fiduciary of an investment contract holding plan assets disclose changes to the investment information (e.g., expense ratio, average annual return, sales charges)?
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If there is a change in the following information initially disclosed by the covered service provider,
-Services provided
-Fiduciary status
-Direct compensation
-Indirect compensation
-Recordkeeping services
-Manner of receipt
When must the CSP disclose the information to the responsible plan fiduciary?