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John Hancock's ERICA 408(b)(2) Disclosure John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company or New York are collectively referred to as John Hancock. FOR PLAN SPONSOR

How to fill out erisa 408b2 disclosure

How to fill out ERISA 408(b)(2) disclosure:

1. Gather all necessary information: Before filling out the disclosure, make sure to have all relevant information at hand, including details about the covered service arrangement, fees and expenses associated with the arrangement, and any conflicts of interest that exist.
2. Complete the basic information section: Start by providing the name and identifying information of the covered service provider and the plan for which the disclosure is being prepared. Also, include the date of the disclosure.
3. Outline the covered service arrangement: Describe the services being provided, such as investment advice, recordkeeping, or investment management. Include a comprehensive explanation of each service, ensuring clarity and transparency.
4. Disclose compensation and fees: Provide a clear breakdown of the compensation and fees associated with the covered service arrangement. This includes direct and indirect compensation, such as commissions, revenue sharing, and 12b-1 fees. Be sure to specify whether the fees are fixed or variable.
5. Discuss potential conflicts of interest: Identify any conflicts of interest that might exist between the service provider and the plan. This could include situations where the provider receives additional compensation for recommending certain investment products or has relationships with third-party providers.
6. Detail the required investment and fee information: Provide specific information about investments, such as historical performance, expenses, and benchmarks. Include any additional information required by applicable regulations, such as fee comparisons or brokerage arrangement details.
7. Provide contact information: Include the contact information of the covered service provider for the plan administrator or fiduciary to reach out with questions or concerns related to the disclosure.

Who needs ERISA 408(b)(2) disclosure?

1. Service providers: Any covered service provider, such as a fiduciary investment advisor, recordkeeper, or third-party administrator, who enters into a service arrangement with an ERISA-covered plan must provide the ERISA 408(b)(2) disclosure.
2. Plan fiduciaries: Plan fiduciaries, typically those responsible for selecting and monitoring service providers, require the ERISA 408(b)(2) disclosure to fulfill their fiduciary duties of prudence and loyalty. They rely on this information to assess the reasonableness of fees, potential conflicts of interest, and the overall value provided by the service provider.
3. Department of Labor (DOL): The DOL is responsible for overseeing the compliance of ERISA-covered plans and their service providers. They may request the ERISA 408(b)(2) disclosure to review and ensure the plan's fiduciary obligations are met, protecting the interests of participants and beneficiaries.

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What is ERISA 408b2 disclosure?

ERISA 408b2 disclosure is a requirement under the Employee Retirement Income Security Act (ERISA) for retirement plan service providers to disclose information about fees, services, and other compensation to plan sponsors.

Who is required to file ERISA 408b2 disclosure?

Service providers who offer services to retirement plans subject to ERISA are required to file ERISA 408b2 disclosure.

How to fill out ERISA 408b2 disclosure?

ERISA 408b2 disclosure can be completed by providing the required information about fees, services, and compensation in the prescribed format as outlined by the Department of Labor.

What is the purpose of ERISA 408b2 disclosure?

The purpose of ERISA 408b2 disclosure is to provide transparency to plan sponsors and participants about the fees and services associated with their retirement plans.

What information must be reported on ERISA 408b2 disclosure?

ERISA 408b2 disclosure must include information about the fees charged, services provided, and other compensation received by the service provider in relation to the retirement plan.