Newkirk Enhances Participant Fee Disclosure Services
ALBANY, NY, December 8, 2010 - Newkirk today announced enhancements to several existing services intended to satisfy the Department of Labor's (DOL's) recently released final rule on disclosing fees and expenses to defined contribution (DC) plan participants. The affected services include Newkirk statements, enrollment materials, and online education.
"We incorporated the requirements of DOL's proposed rule on participant disclosure into many of our services over a year ago," noted Pete Newkirk, Newkirk's Preside nt. "While DOL's final rule is slightly different from DOL's earlier proposal, many of the disclosure requirements are the same, so we've had a head start. We're in the process of making modifications now and will have no problem meeting the November 1, 2011, deadline. In fact, we'll be ready well before then."
"We're also adding a number of new disclosure services," continued Newkirk. "We're already creating a separate communication that replicates the variable return sections of the DOL Model Comparative Chart on investment expenses. The same communication can incorporate plan administrative and individual expenses. And we're creating a special Internet website that will contain a glossary of investment terms that can be referenced in our materials and accessed by plan participants."
Newkirk will be scheduling webinars to outline its fee disclosure strategy and services to its customers over the next few weeks. Other organizations interested in learning more about Newkirk's fee disclosure capabilities are invited to sign up for online demonstrations of Newkirk's implementation of the DOL Model Comparative Chart by visiting www.newkirk.com/feedisclosure.
About Newkirk
Newkirk and its subsidiary companies are leading-edge defined contribution plan communication providers. For over 30 years, Newkirk has developed creative solutions to communication issues faced by financial institutions and professional firms focusing on 401k, 457, 403(b), money purchase, and profit sharing plans. For more information, visit www.newkirk.com or call 518.862.3221.
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