"ERISA Update: Preparing for new DOL reporting requirements for gifts and entertainment"
Financial services companies (including broker-dealers, asset managers, trustees, custodians, recordkeepers, mutual fund complexes, administrators etc.) will have new challenges to navigate when it comes to clients that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended. The administrators of most of these privately sponsored employee benefit plans, which constitute roughly $5.2 trillion in assets, will be required to report information about items of compensation paid directly or indirectly in connection with services to the plan. In many cases, these items must be reported on an extremely detailed basis, by breaking out each separately identifiable item of compensation across more than 50 codes established by the US Department of Labor.