408(b)(2) Disclosures May Have Been Sent to Wrong Person

ERISA expert Fred Reish raises the question of who at the plan sponsor should be receiving disclosure documents. In a rush to get mass disclosure documents out last year, service providers may have inadvertently sent some of them to the wrong person. According to Reish, the right person is the so-called “Responsible Plan Fiduciary,” or the person with the power to hire and fire the provider. While Reish suggests that there will be few repercussions for errors made last year, that may change in the future. He recommends that providers get the name and contact information of the RPF and require that information in contracts with new and existing clients.