Employee Funds Switching Paperwork Needs Your Boring Feedback Now
Published Date: 3/28/2025
Notice
Summary
The Department of Labor is asking for public feedback on a paperwork update about how employee benefit plans can switch their investments from collective funds to mutual funds. This affects banks, plan advisers, and employee benefit plans, ensuring clear info and fair fees during these transfers. Comments are open until April 28, 2025, so get your thoughts in soon!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Paperwork Burden on Banks/Advisers
The Department estimates this information collection affects 50 respondents with 105 total responses, creating a total estimated annual paperwork burden of 3,010 hours and $91 in annual other costs. DOL seeks OMB authorization for this collection for three (3) years under OMB Control Number 1210-0104.
Required Disclosures for Plan Transfers
If an employee benefit plan completely withdraws from a collective investment fund (CIF) and exchanges assets in-kind for mutual fund shares under Prohibited Transaction Exemption 97-41, the bank or plan adviser must give the plan’s independent fiduciary advance written notice and full written disclosure. That disclosure must include the mutual fund’s current prospectus, the fees to be charged or paid (including any fee differentials), the reasons the adviser says the in-kind transfer is appropriate, any limits on investments, and the identity of securities to be valued; the independent fiduciary must give prior written approval, the bank/adviser must provide written (or electronic, if elected) confirmation of the transfer, and updated prospectuses must be provided at least annually with fee reports available on request.
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Key Dates
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