According to the
Adviser Report newsletter, published by Reish, Luftman, Reicher & Cohen, "the DOL's proposed regulation under ERISA section 408(b)(2) will require--probably effective January 1, 2009--that covered service providers, including all RIAs and broker-dealers, have written contracts or arrangements with 401(k) plans. Those agreements must include extensive disclosures concerning compensation and conflicts of interest. And, those disclosures must be delivered before the fiduciaries make their decisions about plan investments and services...Also the proposed regulation requires that advisers state, in writing--and before the arrangement is entered into, whether they will serve as a fiduciary." For more information, see the May 2008 issue of the
Adviser Report newsletter.