U.S. Labor Department to hold hearing on service provider compensation and plan fee disclosure

Archived News Release — Caution: Information may be out of date.

Washington — The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will hold a public hearing March 20-21, to hear testimony about its regulatory proposal on the disclosure of service provider compensation and conflicts of interest information to employers. The hearing will take place at the department in Room S-4215 A-C, 200 Constitution Avenue, NW in Washington, DC.

The proposal, published in the December 13, 2007 Federal Register, would amend the department’s regulation dealing with the provision of services to employee benefit plans. Specifically, the proposed regulation provides that contracts between plans and certain service providers must include detailed written disclosures about direct and indirect compensation that will be received by the service provider and conflicts of interest. The department also published a proposed class exemption to provide relief for employers when service providers fail to comply with the regulation’s disclosure requirements.

In view of the importance of these proposals to workers and plans, the department decided to hold a public hearing. Persons wishing to testify at the hearing should submit an outline of topics to be discussed by March 10, 2008 online to e-ORI@dol.gov. Information on the hearing agenda will be posted on the EBSA’s Web site at www.dol.gov/ebsa.

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7828 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.

Archived News Release — Caution: Information may be out of date.