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Tuesday, February 12, 2013

10:45 a.m. - 11:30 a.m.

KEYNOTE PRESENTATION - GETTING READY FOR FEE DISCLOSURE, THE DOL AUDIT, AND OTHER ERISA ISSUES

Moderator: Elizabeth Galentine, Editor-in-Chief & Co-Chair, EMPLOYEE BENEFIT ADVISER
Marcia Wagner, Esq., President/Founder, THE WAGNER LAW GROUP

Employer clients may soon be asking: “How much are the commissions on these plans?”  New York State recently adopted Regulation 194, requiring agents and brokers to alert clients, in writing, how they are being compensated, and to provide specific details to clients upon request. New York won’t be the only state or regulator to go down this path.  The U.S. Department of Labor (DOL) has already implemented new fee disclosure rules for commissions and other fees under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), impacting providers and distributors of employee benefits and insurance products.  Because these rules are relatively new, clients may not necessarily be focusing on these types of fee disclosures.  But regulatory enforcement is expected to ramp up in the upcoming year, and agents and brokers should take a hard look at these new rules and their own disclosure practices right now.  This session will look at the development of these regulations, other important issues such as DOL audits, and how to best prepare for them.

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