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ARTICLE · 01 AUGUST 2013

DOL Extends Participant Disclosure Deadline for 2013

On July 22, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin 2013-02 (the Bulletin), which provides temporary relief for many plans facing the August 2013 deadline to deliver annual disclosures to participants in participant-directed individual account plans.

United StatesEmployment and HR

Guidance provides temporary relief from the August deadline for annual disclosures by participant-directed plans.

On July 22, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin 2013-02 (the Bulletin), which provides temporary relief for many plans facing the August 2013 deadline to deliver annual disclosures to participants in participant-directed individual account plans.[1] Under the Bulletin, plans will now have the opportunity to delay the distribution of the disclosures and include them with other recurring notices and disclosures that typically are distributed later in the year.

Overview of the Guidance

As a matter of background, the requirement for plans to distribute the annual disclosures first applied in 2012. More specifically, regulations and other guidance provided that the notices had to be distributed no later than August 30, 2012 (for plans on a calendar year or a fiscal year beginning between November 1, 2011 and July 1, 2012)

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