PwC Offers Providers Steps to Prepare for Participant-Level Fee Disclosure

January 31, 2012 (PLANSPONSOR.com) – Under new Department of Labor rules, retirement plan sponsors must provide fee disclosures to participants by May 31, 2012.

In light of the complexity and comprehensive nature of the participant-level disclosure requirements, Employee Retirement Income Security Act (ERISA) plan sponsors will be required to take steps well in advance of the first disclosures being delivered to participants, and will need to coordinate closely with their external recordkeepers and investment option providers, PricewaterhouseCoopers (PwC) notes in its latest HRS Insight. PwC said investment providers and recordkeepers will need to be prepared for such directives from plan sponsors.  

The firm recommends the following actions: 

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  • Become familiar with DoL Model Comparative Chart in order to understand and be prepared to deliver the different components of the information that must be disclosed by plan sponsors; 
  • Closely monitor the developments surrounding the participant disclosure regulations and make adjustment to any participant communications as necessary; 
  • Develop tools and resources to help clients deliver the disclosures and address their communication needs; 
  • Establish and provide for access to the required web-related disclosures; 
  • Meet with clients to commence discussion on the availability and retrieval of the investment-related and expense information; 
  • Assist clients with developing a communication program for such information; 
  • Incorporate the enhanced fee disclosure requirements into existing practices with respect to the disclosure of all fees charged to each individual’s plan account; 
  • Assess the business risk associated with disclosure requirements and train internal staff on clients’ compliance requirements with respect to such rules; and 
  • Consider the additional costs that may be incurred to fulfill client requests for information in order to satisfy the applicable disclosure requirements. 

Visit http://www.pwc.com/hrs for more information.

MassMutual Announces Topics for 2012 RetireSmart Education Series

January 31, 2012 (PLANSPONSOR.com) - MassMutual's Retirement Services Division announced a new topic line-up for its RetireSmart interactive participant education series for 2012.

The program, focused on helping plan participants break through barriers and make smarter decisions about their finances, reached nearly 9,000 participants in 2011.

The 2012 series will kick-off on February 29 with returning guest speaker Farnoosh Torabi, an independent Generation Y money coach, best-selling author and personal finance journalist, and will continue throughout the year on a bi-monthly basis.

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Each online seminar is free of charge and includes a 30-minute presentation followed by a 30-minute Q&A session with the speaker. Designed to be informative, convenient and action inspiring, the seminars give participants an opportunity to learn on their terms – either through live interaction or at their convenience through on-demand replays.

The 2012 RetireSmart seminar series is scheduled as follows:

•  February 29, 2012: Raising Financially Savvy Kids. To be presented by Farnoosh Torabi, independent Generation Y money coach, best-selling author and personal finance journalist.

•  April: Understanding Target Date & Risk-Based Investments. To be presented by MassMutual Retirement Services.

•  June: How Much Will Social Security Provide for Retirement? To be presented by a representative from the U.S. Social Security Administration.

•  August: Money & Marriage: Financial Strategies for Couples. To be presented by Farnoosh Torabi.

•  October: Estate Planning Basics. Presenter to be announced.

•  December: Budgeting Your Way to Financial Success. To be presented by Farnoosh Torabi.

 

For more information, visit www.retiresmartseminars.com.

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