DOL Requests Continued Authority for Fee Disclosure Collection

OMB approval for collection of information about service provider fees and conflicts of interest expires today.

The Department of Labor (DOL) has sent an information collection request to the Office of Management and Budget (OMB) asking for an extension of approval to collect fee information from service providers.

Under section 408(b)(2) of the Employee Retirement Income Security Act (ERISA), certain retirement plan service providers must disclose information about their compensation and potential conflicts of interest to responsible plan fiduciaries.

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The DOL notes that failing to satisfy these requirements may result in a retirement plan receiving services prohibited by ERISA section 406(a)(1)(C), with consequences for both the responsible plan fiduciary and the covered service provider.

OMB authorization for a request to collect information must be renewed every three years: the current approval for this collection is scheduled to expire March 31, 2015. The DOL is asking the OMB to extend its Paperwork Reduction Act (PRA) authorization for three more years, without any change to existing requirements.

The DOL is taking comments about its request until April 30. The text of the request is here.

Cammack Retirement Adds to Investment Team

Three new hires will conduct fundamental investment analysis, selection, evaluation, and monitoring of investments for Cammack Retirement’s clients.

Ray McGrath joins Cammack Retirement Group as an investment consultant; Svetlana Knorr and Mari Tsagareishvili have been hired as investment analysts.

The three will conduct fundamental investment analysis, selection, evaluation, and monitoring of mutual funds, separate accounts, variable annuities, and insurance company fixed-income products for Cammack Retirement’s clients.

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McGrath has more than 25 years of experience in financial services and comes to Cammack Retirement after nine years at MetLife, where he most recently served as an institutional investments manager. His previous roles include market research manager at Prudential Fixed Income and performance attribution manager at Prudential. McGrath holds a bachelor’s degree in computer science from St. Peter’s College and a master’s in business administration from Rutgers as well as his FINRA Series 7 license. He will work out of the New York office.

Knorr was previously a financial adviser at Connecticut River Bank/Infinex Investments. She received a Bachelor of Law from the Modern University for the Humanities in Moscow, and holds a bachelor’s degree in economics, cum laude, from Keene State College, as well as a master’s degree in finance from Southern New Hampshire University. Knorr holds the Chartered Financial Analyst (CFA) designation. Knorr will be based at the firm’s Wellesley, Massachusetts, office.

Tsagareishvili comes to Cammack Retirement from Professional Impressions Consulting, a consulting advisory firm where she served as a project manager. Tsagareishvili holds a bachelor’s degree from the University of Montana’s School of Business Administration, and she is a level III candidate in the CFA program. She will work in Cammack’s New York office.

Cammack Retirement provides investment advisory, consulting and actuarial services.

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