BB&T sees fee disclosure requirements as opportunity to demonstrate transparency and value for plan sponsors
RALEIGH, N.C., June 11, 2012 /PRNewswire/ -- BB&T Retirement & Institutional Services will meet and exceed new fee disclosure requirements for defined contributions plans in advance of the July 1 deadline set in place by the Department of Labor. BB&T (BBT) believes its new fee disclosure format for plan sponsors will set the gold standard for disclosure and help differentiate the company on value.
"Information is provided in an easy-to-understand format showing the amounts participants and plan sponsors pay for services in one document," said Ray McCulloch, BB&T Retirement and Institutional Services division manager. "We consult with plan sponsors on their plan design and demonstrate the value of the services offered to plan participants." Additionally, McCulloch noted that plan sponsors should not have to reach for a calculator to determine plan costs. "Presenting fees and expenses in a friendly, meaningful way will help plan sponsors comply with their fiduciary duty to evaluate the reasonableness of fees and services," McCulloch said.
BB&T's new disclosure format makes fees easier for plan sponsors to understand, evaluate and manage. Plan sponsors in turn can assure plan participants that the costs are necessary and reasonable.
BB&T is one of the first companies to be awarded the Financial Services Communications Seal for its 408(b)(2) Fee Disclosure documents from DALBAR Inc., a leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Dalbar awards are recognized as marks of excellence in the financial community.
About DALBAR Inc.
DALBAR Inc. is the financial community's leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, DALBAR has earned the recognition for consistent and unbiased evaluations of investment companies, registered investment advisers, insurance companies, broker/dealers, retirement plan providers and financial professionals. DALBAR awards are recognized as marks of excellence in the financial community.
About BB&T Retirement and Institutional Services
For more than 130 years, BB&T has provided small and large corporations, charitable organizations, foundations and endowments, and state and local governments with the services and support they need to achieve economic success and financial security. BB&T Retirement & Institutional Services offers a complete range of employee benefits consulting, fiduciary, philanthropic, corporate trust and investment management services. For more information on the BB&T's retirement plan solutions, call 1-800-866-2288.
BB&T Corporation is one of the largest financial services holding companies in the U.S. with $174.8 billion in assets and market capitalization of $21.9 billion, as of March 31, 2012. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.
SOURCE BB&T Corporation