On February 3, 2012, the Department of Labor (“DOL”) published final regulations setting out the fee disclosure rules for persons or entities providing services to retirement plans governed by ERISA. See Treas. Reg. §2550.408-2; 77 Fed. Reg. 023 (Feb. 3, 2012) pgs. 5632-5659. These regulations detail the disclosures that a covered service provider must furnish to a covered plan fiduciary before that fiduciary may enter into or extend contracts for services to the plan under a new prohibited transaction class exemption. The exemption was previously issued by the DOL in tandem with the regulation when issued in proposed form. Under this exemption, if the requirements of the fee disclosure regulation are not satisfied, the expenses associated with the contract or service arrangement will not be treated as exempt from ERISA’s prohibited transaction rules and may be subject to excise taxes.  Continue reading this entry at Littler's Employee Benefits Counsel.