A.M. Best Posts Interview With O'Melveny's Barrett on Labor Department's New Fee Disclosure Rules
March 01, 2012
In a March 1, 2012 interview with A.M. Best, Financial Services partner Shannon Barrett explained the new US Department of Labor regulations concerning fee disclosures by retirement plan service providers. Barrett told Best that the new rules create a more technical regime for determining whether service arrangements, including retaining plan record-keepers, comply with the Employee Retirement Income Security Act. The regulations also could pose litigation risks to service providers on the murky legal issue of whether they act as fiduciaries, Barrett says.