The 2012 calendar year brought sweeping changes to the retirement plan industry. 401(k) practitioners and recordkeepers devoted most of the year to developing, implementing and distributing fee disclosures pursuant to Department of Labor Regulations 408(b)(2) and 404(a)(5). Lots of paper was generated, but just how effective were these new disclosures at familiarizing plan participants with who, what and how much they are paying to maintain their retirement accounts?
Burke Group’s participant service center handles thousands of calls from retirement plan participants each year. So far, we have not experienced a groundswell of questions or complaints from participants even after quarterly statements were revamped to itemize and disclose certain individual account fees. In fact, there has been an unexpected silence since the disclosures were distributed.
Brian Schiedel is responsible for monitoring daily valuation recordkeeping services, ensuring that transactions meet strict procedural guidelines, and providing compliance and other consulting services for Burke Group’s retirement plan clients. He serves as the direct Relationship Manager for more than 30 retirement plans.
Prior to joining Burke Group, he obtained his bachelor’s degree in management science from the State University of New York at Geneseo. He has also obtained the Qualified 401(k) Administrator (QKA) designation through the American Society of Pension Professionals and Actuaries (ASPPA).