According to a Principal news release, the new site includes written materials as well as interviews with Principal executives and Jamey Delaplane, a partner at the law firm, Davis & Harman, LLP, about the regulation.
“We support clear and meaningful communication of fees and this new regulation is designed to help by setting a consistent standard in reporting by retirement service providers,” said Greg Burrows, senior vice president of Retirement and Investor services at The Principal, in the news release. “We anticipate we will need to make some modifications but, from our initial review, it appears we already provide much of the information required by the new regulation.”
The intent of the new rule, which takes effect July 16, 2011, is to make it easier for plan sponsors and plan fiduciaries to compare and review fees and services, the Principal said (see DoL Issues New Rules on Fee Disclosure).
The Web site is at http://www.principal.com/retirement/biz/feedisclosureregulation.htm.