Beginning April 1, 2012, covered service providers are required to make certain disclosures to fiduciaries of covered plans. Only retirement plans subject to ERISA are covered by the disclosure requirements. These include defined benefit, profit sharing, 401(k) and some 403(b) plans, but not IRAs, Simple IRAs, SEPs, or 403(b)s that are not covered by ERISA.
While all this information may seem overwhelming, there are actionable steps we can guide you through today in an effort to make sure you are well prepared. Our experienced retirement plan advisors at Lifetime Wealth Advisors can help educate you on the new regulations, identify covered service providers, gather required information, assist with benchmarking fees, prepare you for inquiries, and offer guidance on managing your risk.