Retirement plan service providers are required to disclose direct and indirect fees as well as any potential conflicts of interest to plan fiduciaries. If a service provider fails to provide the required information, the plan fiduciary can insulate itself from the consequences by filing a Fee Disclosure Failure Notice with the Department of Labor (DOL) upon discovering the failure.

Fiduciaries should first request in writing that the covered service provider furnish the missing information. If the requested information is not furnished, the fiduciary must file the Fee Disclosure Failure Notice with the DOL not later than 30 days following the earlier of (1) the covered service provider’s refusal to furnish the requested information or (2) 90 days after the date the written request is made.

The Fee Disclosure Failure Notice may be delivered through the mail or online. Online filers can use a dedicated link on the DOL website. Online filing is the easier option: The system prompts the user for the required information, and filers receive immediate confirmation that their notice has been received.

Alternatively, the notice may be mailed to the U.S. Department of Labor, Employee Benefits Security Administration, Office of Enforcement, P.O. Box 75296, Washington, DC 20013.

By Lynn Cook and Russ Hall

Retirement plan service providers are required to disclose direct and indirect fees as well as any potential conflicts of interest to plan fiduciaries. If a service provider fails to provide the required information, the plan fiduciary can insulate itself from the consequences by filing a Fee Disclosure Failure Notice with the Department of Labor (DOL) upon discovering the failure.

Fiduciaries should first request in writing that the covered service provider furnish the missing information. If the requested information is not furnished, the fiduciary must file the Fee Disclosure Failure Notice with the DOL not later than 30 days following the earlier of (1) the covered service provider’s refusal to furnish the requested information or (2) 90 days after the date the written request is made.

The Fee Disclosure Failure Notice may be delivered through the mail or online. Online filers can use a dedicated link on the DOL website. Online filing is the easier option: The system prompts the user for the required information, and filers receive immediate confirmation that their notice has been received.

Alternatively, the notice may be mailed to the U.S. Department of Labor, Employee Benefits Security Administration, Office of Enforcement, P.O. Box 75296, Washington, DC 20013.