Stroock Special Bulletin
"The Summary of All Fears? DOL Proposes “Guide” on 408(b)(2)"
On March 12, 2014, the Department of Labor published a proposed rule supplementing final disclosure rules under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The proposal would amend the existing final rules, which became effective for most service providers to ERISA plans less than two years ago, after several iterations and "interim" rules.
This Stroock Special Bulletin examines the proposed rules, which, if approved in their current form, would require that many covered service providers, including banks, broker-dealers, money managers, and others transacting business with or providing services to ERISA plan assets, rethink their Section 408(b)(2) disclosure.