DOL Further Delays Service Provider and Participant Fee Disclosure Deadlines

more+
less-

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.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, Finance & Banking Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McDermott Will & Emery | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »