FF5 #60 - 408(B)2 Disclosures = Affirmative Defense

In this episode of Friday Fiduciary Five, Eric Dyson presents a follow-up to the previous Friday Fiduciary Five regarding the Supreme Court’s Decision on Cunningham v Cornell. Eric talks about the concept of affirmative defense. He explains that affirmative defense allows for exceptions to prohibited transactions if certain conditions are met, particularly the proper disclosure of fees through 408(B)2. Eric suggests that advisors and committee members ensure they have these disclosures and understand them, as they are not typically issued annually. He also suggests that plan sponsors request these disclosures annually from all service providers.

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The information contained herein is general in nature and is provided solely for educational and informational purposes.

It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.

The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.