DOL Releases FAQs on Retirement Plan Fee Disclosures
May 10, 2012
On May 7, 2012, the Department of Labor (DOL) issued guidance to help plan administrators and service providers comply with the requirements of new rules 408(b)(2) and 404(a), which are designed to improve the transparency of fees and investment expenses in retirement plans.
The Field Assistance Bulletin provides answers to questions related to Covered Individual Account Plan, Disclosure of Plan-Related Information, Disclosure of Investment-Related Information and the Form of Disclosure. The Bulletin addresses the compliance difficultures furnished or are preparing to furnish their initial disclosures pursuant to the Regulations. Finally, the DOL states it will not grant a broad-based extension for compliance with the Regulations, however, it will not take enforcement action against a covered service provider or plan administrator who has acted in good faith based on a reasonable interpretation of the Regulations and who also establishes a plan for complying with the requirements of the Bulletin in future disclosures.
Click here for the Field Assistance Bulletin.