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Compliance July 13, 2011
DoL Extends Applicability Dates for Fee Disclosure Rules
The Department of Labor’s (DoL) Employee Benefits Security
Administration has issued a final rule that extends the applicability date for fee
disclosure.
Reported by Sara Kelly
The new applicability date for the fiduciary-level fee disclosure regulation under Section 408(b)(2) of the Employee Retirement Income Security Act (ERISA) has been bumped three months later than the proposed deadline extension, to April 1, 2012. The newly issued rule adopts amendments to previously announced compliance dates, effective July 15, 2011 (see “ASPPA Requests Fee Disclosure Extension“).
The final rule also amended the applicability date of a proposed transition rule for participant-level fee disclosure under Section 404(c) by adopting a 60-day transition period following the applicability of the Section 408(b)(2) regulation. According to BNA, this will ensure that compliance with the Section 408(b)(2) regulation is in force before plans are required to disclose service provider fees to participants.