Retirement plans get one chance to change annual participant fee disclosure deadline

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By Susan P Serota and Kathleen D Bardunias

On 22 July 2013, the Department of Labor (DOL) announced a one-time opportunity for administrators of participant-directed individual account plans such as 401(k) and ERISA-covered 403(b) plans to ‘reset’ their annual deadline for distributing plan-related information and the investment comparative chart required by the participant fee disclosure rules (the Fee Disclosures). Plan administrators now have an opportunity, in either 2013 or 2014, to reset the annual deadline to a date that is within 18 months from the date of the last Fee Disclosures to plan participants and beneficiaries.

In October 2010, the DOL issued a final regulation on plan- and investment-related disclosure requirements (including information on fees and expenses for investment alternatives under the plan) for participant-directed individual account plans, such as 401(k) and ERISA-covered 403(b) plans. As part of these disclosure requirements, covered plans are required to furnish participants with information about certain plan administration expenses and a comparative chart of the investment alternatives under the plan…

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