HomeWebcast408(b)2 and 404(a) Fee Disclosure: New Compliance Challenges
 CLE

408(b)2 and 404(a) Fee Disclosure: New Compliance Challenges

Live Webcast Date: Tuesday, March 27, 2012 from 12:00 pm to 2:00 pm (ET)
Legal (CLE)Recording

Join us for this Knowledge Group Webinar. Plan Sponsors, Fiduciaries and Participants face new compliance challenges with DOL’s 408(b)2 and 404(a) fee disclosure regulations. While lobbyists have urged DOL to extend the compliance date for the disclosure rules, plan sponsors, fiduciaries and participants must be prepared now.

The Knowledge Group is assembling a panel of distinguished thought leaders, professionals and key regulators to help plan fiduciaries and participants understand the latest developments with the new fee disclosure regulation and how it may impact their businesses and clients. Our experts will also offer practical guidance and action items on how to navigate through potential risks. A live Q&A session is also included in this event.

Agenda

Christine F. Miller, Partner, 
McGinnis, Lochridge & Kilgore, L.L.P.

  • The Department of Labor Section 408(b)(2) and Section 404(a) regulations are designed to provide retirement plan fiduciaries and plan participants with more complete information regarding compensation paid in connection with retirement plans, including both direct and indirect compensation, and revenue-sharing arrangements, as well as conflicts of interest that may affect service providers’ performance of services for retirement plans.
  • The Department of Labor issued these regulations, in part, because of concerns about the lack of transparency regarding retirement plan fees and, in particular, the flow of fees, which can conceal potential conflicts of interest among retirement plan providers.
  • The disclosures required under these new regulations by both service providers to plan fiduciaries, and then by plan fiduciaries to plan participants, are complex and create new obligations for plan fiduciaries to ensure that the disclosures are accurate and complete, and to determine whether fees assessed are reasonable.
  • To ascertain whether retirement plan fees are reasonable, plan fiduciaries should consider benchmarking by comparing fees and expenses for similar retirement plans, issuing requests for proposals to several service providers, and/or examining and possibly, renegotiating service provider contracts.

Jake R. Downing, Associate, 
Seyfarth Shaw LLP

  • The covered service provider and the covered plan should both use the service contract to set expectations for how fee disclosures will be made, how errors, omissions or disagreements will be remedied, and how indemnification will operate in the event issues cannot be resolved;
    • The covered service provider and covered plan must finesse questions and answers related to indirect compensation disclosures to avoid prohibited transaction pitfalls.
    • The covered plan fiduciaries should be proactive in assessing negative optics in the service provider fee disclosures when preparing the corresponding participant disclosures and work to manage these optics (i.e., all participant disclosures should be prepared with the understanding that the plaintiff’s bar will be digesting them).
  • SEC Comments on FPI’s
  • FASB/IASB Joint work-plan Status
    • Status of Completed Projects
      • Business Combinations
      • Fair Value
  • Exposure Drafts
    • Revenue Recognition
    • Lease Accounting
  • rojects to be completed

Who Should Attend

  • Plan Sponsors, Fiduciaries and Participants
  • Retirement Plan Practicing Lawyers
  • Employee Benefits & Compensation Lawyers and Consultants
  • Payroll and Benefits Administrators
  • Human Resource & Benefits Personnel
  • Retirement Plan Financial Professionals
  • Financial Advisers
  • Public Companies
  • Private Companies
  • And anyone involved in Retirement Plan Administration

Christine F. Miller, Partner, 
McGinnis, Lochridge & Kilgore, L.L.P.

  • The Department of Labor Section 408(b)(2) and Section 404(a) regulations are designed to provide retirement plan fiduciaries and plan participants with more complete information regarding compensation paid in connection with retirement plans, including both direct and indirect compensation, and revenue-sharing arrangements, as well as conflicts of interest that may affect service providers’ performance of services for retirement plans.
  • The Department of Labor issued these regulations, in part, because of concerns about the lack of transparency regarding retirement plan fees and, in particular, the flow of fees, which can conceal potential conflicts of interest among retirement plan providers.
  • The disclosures required under these new regulations by both service providers to plan fiduciaries, and then by plan fiduciaries to plan participants, are complex and create new obligations for plan fiduciaries to ensure that the disclosures are accurate and complete, and to determine whether fees assessed are reasonable.
  • To ascertain whether retirement plan fees are reasonable, plan fiduciaries should consider benchmarking by comparing fees and expenses for similar retirement plans, issuing requests for proposals to several service providers, and/or examining and possibly, renegotiating service provider contracts.

Jake R. Downing, Associate, 
Seyfarth Shaw LLP

  • The covered service provider and the covered plan should both use the service contract to set expectations for how fee disclosures will be made, how errors, omissions or disagreements will be remedied, and how indemnification will operate in the event issues cannot be resolved;
    • The covered service provider and covered plan must finesse questions and answers related to indirect compensation disclosures to avoid prohibited transaction pitfalls.
    • The covered plan fiduciaries should be proactive in assessing negative optics in the service provider fee disclosures when preparing the corresponding participant disclosures and work to manage these optics (i.e., all participant disclosures should be prepared with the understanding that the plaintiff’s bar will be digesting them).
  • SEC Comments on FPI’s
  • FASB/IASB Joint work-plan Status
    • Status of Completed Projects
      • Business Combinations
      • Fair Value
  • Exposure Drafts
    • Revenue Recognition
    • Lease Accounting
  • rojects to be completed

Christine F. MillerPartnerMcGinnis, Lochridge & Kilgore, L.L.P.

Christine Miller has been licensed to practice law since 1983. Ms Miller began her legal career with McGinnis, Lochridge & Kilgore, L.L.P. in 1983 and was admitted as a partner in 1989.

 

Ms. Miller advises clients on a wide range of employee benefit and employment law matters, including compliance with ERISA and Internal Revenue Code requirements relating to employee pension and welfare benefit plans, tax qualified retirement plans, nonqualified deferred compensation arrangements, Section 409A compliance, Section 403(b) and 457 plans, severance plans, fully insured and self-funded group health plans, workplace injury benefit plans, cafeteria plans, COBRA, HIPAA, federal and state employment tax laws, worker classification issues, federal and state non-discrimination laws, the Fair Labor Standards Act, and the Family and Medical Leave Act. In addition, Ms. Miller represents clients in agency proceedings, including Internal Revenue Service (IRS) and Department of Labor (DOL) audits, applications for private letter rulings, IRS and DOL correction procedures, and EEOC investigations.

Education and Professional Background
• The University of Texas School of Law, J.D. 1983 (with honors)
• Wellesley College, B.A. 1972, Wellesley Scholar
• Boston University, M.Ed. 1978
• Admitted to Practice: Texas
• Other Language: Spanish

Jake R. DowningAssociateSeyfarth Shaw LLP

Mr. Downing is an associate in the Employee Benefits & Executive Compensation Department of Seyfarth Shaw LLP. employers on a broad range of employee benefit matters. Mr. Downing has experience counseling clients on qualified and nonqualified retirement and welfare plan matters regarding plan design and administration, fiduciary responsibility, claims procedures, disclosure requirements, and general ERISA compliance.

 

He has assisted clients in drafting benefit plans and amendments including defined contribution plans, defined benefit plans, executive employment agreements, equity incentive plans, directors compensation plans, and health and welfare plans. He has also reviewed administrative service agreements with third-party providers to determine whether such agreements adequately represent the client’s best interests.

He has conducted compliance audits on behalf of clients in order to proactively assess any potential liabilities, and he has experience representing clients before the IRS and U.S. Department of Labor. Such experience includes working with these agencies to correct: (1) tax qualification errors, (2) Code Section 409A errors, (3) the improper withholding and remittance of FICA taxes on non-qualified deferred compensation, and (4) breaches of fiduciary duty.


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Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
   124298

NASBA Field of Study:
   

NY Category of CLE Credit:
   

Total Credits:
    2.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

McGinnis, Lochridge & Kilgore, L.L.P. is a law firm with offices in Austin and Houston. From its two Texas locations, more than 60 attorneys provide business, government and litigation counsel to a national clientele. The firm maintains practices in Litigation; Legislative and Government Relations; Oil and Gas; Environmental and Water; Employment Law and Employee Benefits; Corporate and Business Transactions; Technology; Electric Energy; Telecommunication; Health Care; Real Estate; Tax, Estate Planning and Probate; Financial Services; and Education and Public Law.

Website: https://www.mcginnislaw.com/

Seyfarth Shaw (“Seyfarth”) has over 750 lawyers practicing in Atlanta, Boston, Chicago, Houston, Los Angeles, New York, Sacramento, San Francisco, Washington, D.C., and London. As a full-service law firm, Seyfarth provides a broad range of legal services, including Labor & Employment, Employee Benefits & Executive Compensation, Corporate & Finance, Tax, Real Estate, Intellectual Property, and Litigation.

 

Our clients range from Fortune 100 to midsize companies, and include publicly traded and privately held businesses. We represent clients in all industries and in all geographies and we are diligent in providing the same level of commitment to each client.

One of the attributes that distinguishes Seyfarth from other national law firms is the degree to which we function as an integrated national organization, with day-to-day interaction and joint representation among lawyers in all ten of the firm’s offices. This high degree of integration results from the manner in which our firm has expanded. Rather than creating multiple offices by acquisition and regarding them as distinct branches, nine of our ten offices were opened by existing Seyfarth attorneys from an established office in response to the needs of our national clients. Today, Seyfarth provides representation to our clients in every state of the country.

Website: https://www.seyfarth.com/

Christine Miller has been licensed to practice law since 1983. Ms Miller began her legal career with McGinnis, Lochridge & Kilgore, L.L.P. in 1983 and was admitted as a partner in 1989.

 

Ms. Miller advises clients on a wide range of employee benefit and employment law matters, including compliance with ERISA and Internal Revenue Code requirements relating to employee pension and welfare benefit plans, tax qualified retirement plans, nonqualified deferred compensation arrangements, Section 409A compliance, Section 403(b) and 457 plans, severance plans, fully insured and self-funded group health plans, workplace injury benefit plans, cafeteria plans, COBRA, HIPAA, federal and state employment tax laws, worker classification issues, federal and state non-discrimination laws, the Fair Labor Standards Act, and the Family and Medical Leave Act. In addition, Ms. Miller represents clients in agency proceedings, including Internal Revenue Service (IRS) and Department of Labor (DOL) audits, applications for private letter rulings, IRS and DOL correction procedures, and EEOC investigations.

Education and Professional Background
• The University of Texas School of Law, J.D. 1983 (with honors)
• Wellesley College, B.A. 1972, Wellesley Scholar
• Boston University, M.Ed. 1978
• Admitted to Practice: Texas
• Other Language: Spanish

Mr. Downing is an associate in the Employee Benefits & Executive Compensation Department of Seyfarth Shaw LLP. employers on a broad range of employee benefit matters. Mr. Downing has experience counseling clients on qualified and nonqualified retirement and welfare plan matters regarding plan design and administration, fiduciary responsibility, claims procedures, disclosure requirements, and general ERISA compliance.

 

He has assisted clients in drafting benefit plans and amendments including defined contribution plans, defined benefit plans, executive employment agreements, equity incentive plans, directors compensation plans, and health and welfare plans. He has also reviewed administrative service agreements with third-party providers to determine whether such agreements adequately represent the client’s best interests.

He has conducted compliance audits on behalf of clients in order to proactively assess any potential liabilities, and he has experience representing clients before the IRS and U.S. Department of Labor. Such experience includes working with these agencies to correct: (1) tax qualification errors, (2) Code Section 409A errors, (3) the improper withholding and remittance of FICA taxes on non-qualified deferred compensation, and (4) breaches of fiduciary duty.

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