The Department of Labor (DOL) has now released the “final” version of its final regulation on required disclosures by plan service providers under the statutory prohibited transaction exemption provided by Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (ERISA). It replaces the interim final regulation that was published in July 2010.

The deadline for providing the required disclosures was extended by three months to July 1, 2012. This will provide needed time for service providers to complete their disclosure documents in a form consistent with the finalized regulation, which differs in several respects from the interim final regulation. Because the date by which the participant-level disclosures for participant-directed plans must be provided is tied to the Section 408(b)(2) disclosure effective date, that date is now extended to August 30, 2012, with the first quarterly statements under the rules for calendar-year plans due by November 14, 2012.

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