The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) announced Friday that it has set up a new online filing system for plan sponsors seeking fiduciary relief for a service provider's failure to comply with the department's plan-level fee disclosure rule, 408(b)(2).
The new online tool, which replaces the option of e-mailing notices, "will better assist plan sponsors who file electronically by ensuring that all required information is submitted, and providing immediate confirmation that notices have been received by the department," EBSA says.
Phyllis Borzi, Assistant Secretary of Labor for EBSA, said in a statement that the revised submission procedures "should provide plan sponsors a greater level of confidence that their requests for fiduciary relief have been received and will be efficiently processed and reviewed." The easy-to-use online filing system "guides plan sponsors through the information that must be submitted, and allows us to more quickly process and respond to their requests," she said. "We've also retained flexibility for those plan sponsors who choose to submit paper notices."
