DOL Issues Final 408(b)(2) Regulations and Announces New Effective Compliance Dates
The Department of Labor has just announced today that the effective date of the new fee disclosure regulations will again be delayed. The announcement coincides with the DOL’s issuance of the final regulations for disclosures under ERISA section 408(b)(2).
Before the changes, plan service providers had until April 1, 2012 to comply with the new rules. The new date is now July 1, 2012. The plan participant disclosures, which were set to take effect May 31, 2012, have now been delayed until August 30, 2012. In addition, September 30, 2012 participant statements will be the first that must reflect detailed plan expense information.
To view the Department of Labor’s Fact Sheet, please visit their website, linked to the right. A printable version of the Fact Sheet is available at the pdf link.