DOL Issues Final Rules on Sponsor Fee Disclosure
The U.S. Department of Labor has issued final regulations under ERISA 408(b)(2) sponsor fee disclosure. Due to their delay in issuing the final rule, the DOL also extended the due date for sponsor fee disclosure by 3 months, until July 1, 2012, from the previously extended April 1st date.
As a result of the change in implementation dates for sponsor level fee disclosure, the DOL also extended the timing for participant fee disclosure under ERISA 404(a). Now, the standard “annual” disclosure for participant-directed plans will be due no later than August 30, 2012, and the quarterly participant statement fee disclosure must be furnished before November 14, 2012.
You can get information about the final rule directly from the DOL website at the following link:
Additionally, changes made from the “interim” final rule are available at the following link: