DOL Clarifies Effective Dates For Fee Disclosure Rules
As reported in prior WorkCite articles, two significant new requirements affecting retirement plan fiduciaries, plan administrators and service providers are scheduled to take effect soon. First, certain providers of services to an ERISA-covered retirement plan must furnish disclosures to the plan's fiduciaries regarding the compensation that they or their affiliates receive in connection with providing those services (referred to as "covered service providers"), see " An Overview for Plan Sponsors and Fiduciaries of the New Requirements for Service Provider Arrangements." Second, plan administrators of ERISA-covered defined contribution retirement plans that permit participant investment direction must furnish to plan participants information concerning fees and expenses associated with their plan accounts and the plan's investment options, see Plan Administrators Should Prepare Now to Comply with New Participant Disclosure Requirements."
The U.S. Department of Labor (DOL) has recently clarified the dates on which these requirements will take effect to better align the two sets of rules and provide sufficient time for affected parties to comply.
Service Provider Fee Disclosures
Covered service providers must comply with the fee disclosure rules by January 1, 2012. As originally adopted, the rules were to take effect on July 16, 2011. Consequently, covered service providers must deliver to plan fiduciaries the necessary fee disclosures by the end of this year. Plan fiduciaries will then be required to review and consider the sufficiency of those disclosures. The fee disclosure rules apply to both new and pre-existing service provider arrangements and contracts.
Participant-Level Fee Disclosures
The participant-level fee disclosure regulations are effective for plan years beginning on or after November...
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