The U.S. Department of Labor recently extended the deadlines for two major disclosure rules: the service provider fee disclosure rule and the participant fee disclosure rule. Despite the extensions, plan administrators should familiarize themselves with these disclosure requirements and begin developing their compliance plans.
The U.S. Department of Labor (DOL) recently extended the deadlines for two major disclosure rules: the service provider fee disclosure rule and the participant fee disclosure rule. The service provider regulation requires covered service providers to disclose certain fee information to retirement plan fiduciaries. The participant regulation requires most 401(k) and other defined contribution plans to disclose certain fee and expense information to any eligible employee. Plan participants must also receive a quarterly accounting of what fees and expenses were actually deducted from an individual participant’s account.
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