Newkirk Develops 403(b) Participant Fee Disclosure Solution

Newkirk is rolling out a single document participant fee disclosure solution for ERISA 403(b) plans. 

The service incorporates data from multiple 403(b) providers into a single communication for distribution to plan participants. 

Participant fee disclosure is required for Employee Retirement Income Security Act (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, Newkirk said. Its 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 said it 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.