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Labor Dept. Seeks Stricter 401(k) Disclosures

Law360 (December 12, 2007, 12:00 AM EST) -- The U.S. Department of Labor on Wednesday proposed a new regulation aimed at increasing how much service providers of 401(k) plans and other employee benefit plans must disclose to fiduciaries in an effort to minimize conflicts of interest.

Under the proposed rule, which would amend the department's regulation of the Employee Retirement Income Security Act of 1974, a service provider must disclose all information related to potential conflicts of interest.

It also must reveal all information concerning material changes to the plan within 30 days of...
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