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ARTICLE · 06 JUNE 2012

Nonprofit Retirement Plan Fee Disclosure – Action Needed

Venable LLP
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Nonprofit organizations that sponsor retirement plans such as 401(k) and 403(b) plans are subject to two separate, but related, newly finalized U.S. Department of Labor regulations regarding disclosure of retirement plan fees that will become effective soon: (1) vendor-to-plan disclosure, and (2) plan-to-participant disclosure.

United StatesAccounting and Audit
Lisa Tavares
Lisa Tavares
Harry Atlas
Harry Atlas

Nonprofit organizations that sponsor retirement plans such as 401(k) and 403(b) plans are subject to two separate, but related, newly finalized U.S. Department of Labor regulations regarding disclosure of retirement plan fees that will become effective soon: (1) vendor-to-plan disclosure, and (2) plan-to-participant disclosure.  Compliance with the vendor-to-plan regulation is required no later than July 1, 2012, and the plan-to-participant disclosure generally is required by August 30, 2012.  In this alert, we provide an overview of these regulations and provide action items for the immediate attention of nonprofits that sponsor retirement plans.

The regulations apply to retirement plans of nonprofit entities governed by ERISA; most nonprofit retirement plans are subject to ERISA.1

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