EBSA helping plan sponsors who do not receive fee disclosures

Covered service providers were required to provide fee disclosures to plan sponsors effective July 1, 2012.  But what should a plan sponsor do if they didn't receive the disclosures?  The plan sponsor should request the information from the covered service provider in writing. If the covered service provider does not provide the information, the plan sponsor must notify the DOL either by paper or electronically.

The DOL has changed the mailing address, provided a sample notice and announced a new website which will enable the plan sponsor to notify the DOL electronically.

Why is this so important? Per the DOL website "If a service provider fails to provide the required information, the contract or arrangement between the plan and the service provider is prohibited by ERISA, and the plan fiduciary will have engaged in a prohibited transaction."  However, there is an exemption if the plan sponsors requests the missing information and if not received notifies EBSA.