Trust Updates Archive
(June 1, 2011 --Chicago, IL) --The U.S. Department of Labor announced yesterday it was extending the applicability dates for two of its retirement plan fee disclosure rules.
“We want transparency provided by these rules as soon as possible,” says Phyllis C. Borzi, DOL assistant secretary for employee benefits security, but “we appreciate that service providers may need more time for compliance efforts.”
New disclosure requirements that apply to plan contracts and arrangements for services in existence on or after July 16, 2011 have now been extended to Jan. 1, 2012.
Participant-level regulation requiring that employers disclose information about plan and investment costs to workers who direct their own investments, which was to begin on Nov. 1, 2011, has also been extended. Employers will have up to 120 additional days to furnish initial disclosures to workers, or Jan. 1, 2012.
Regulations concerning providing investment advice, according to Borzi, are being reviewed now and are expected to be released in the next few months.
For more on this topic, see the upcoming issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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