“Our clients will have a clear and unambiguous understanding of the cost and revenue flow of their plan, and the net impact of what is charged back as plan fees and expenses”

William Orr

President

Compass Corporate Retirement Solutions

-A video regarding plan fees from the US Department of Labor

 

When it comes to cost it is important to make things as clear and direct as possible. full disclosure and NO hidden cost. By doing this we believe that clients feel they are being treated fairly and we build a foundation for a long term relationship.

The labor department has taken a three pronged approach to improve fee disclosure:

1.  They will require plan sponsors to disclose indirect compensation to the government

2.  Service providers and plan advisors will be required to disclose indirect compensation to the plan sponsor

3.  A mandate of disclosing indirect compensation to the plan participants

Why is this important? Because as a business owner or other named fiduciary you may be held liable for the decisions that resulted in an overly expensive plan.