Newkirk Announces Participant Fee Disclosure Solution for 403(B) Plans
Single document contains information from multiple providers
ALBANY, NY, August 15, 2011 – Newkirk today announced a single document participant fee disclosure solution for ERISA 403(b) plans. The new service incorporates data from multiple 403(b) providers into a single communication for distribution to plan participants.Participant fee disclosure is required for ERISA 403(b) plans under the Department of Labor’s final rule. However, when data is in the hands of two or more providers, enabling participants to compare plans becomes complicated.
The Newkirk solution addresses the concern by incorporating plan data from multiple providers into a document that allows participants to compare plan information, administrative expenses, individual expenses, and investment performance and fees in easy-to-understand tables. The disclosure document is created as a single PDF or as a single mailed unit.
Newkirk will work closely with 403(b) sponsors and their service providers to coordinate the data collection process. The 403(b) sponsor client will connect Newkirk to the appropriate provider personnel. Where a provider’s 403(b) offering is a standard product, Newkirk may only need to collect the data once.
“Our 403(b) fee disclosure document will be much simpler for plan participants to understand,” said Pete Newkirk, president of Newkirk. “It breaks down the disclosures into three parts — plan information, individual fees and expenses, and investment performance and fees — with each provider’s specific information presented in each part.”
403(b) sponsors or providers interested in learning more about the Newkirk 403(b) fee disclosure solution should contact Pete Newkirk at 518-862-3200.
About Newkirk Products, Inc.
Newkirk, a DST Company, is a leading-edge defined-contribution plan communication provider. For over 30 years, Newkirk has developed creative solutions to communication issues faced by financial institutions and professional firms focusing on 401(k), 457, 403(b), money purchase, and profit sharing plans.