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DOL Focuses on 401(k) Plan Fees

The Philadelphia office of the Employee Benefits Security Administration (EBSA) has made "excessive" plan fees a priority for investigation. There is no bright line to define "execessive fees" but if an investigation determines that 401(k) plan participants are paying higher fees than would otherwise be expected, EBSA will want to find out who is responsible.  
The investigation will try to answer questions like:
  • aWhat do the disclosures look like? 
  • What do the fiduciaries look at?
  • Is there something that justifies the high fees?
  • Is it the fault of the disclosures? Is it the fault of the service provider? 
  • Is it the fault of the named fiduciary plan sponsor?
The document requests associated with these investigations can be quite burdensome. Rosenthal Lurie has a sample request that consists of 23 different categories of documents.  Send us an email and we will forward a copy to you.
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