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ARTICLE · 16 AUGUST 2013

DOL Permits Plan Administrators to Reset Annual Fee Disclosure Deadline

McDermott Will & Emery
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The United States Department of Labor (DOL) recently issued guidance that gives administrators of defined contribution plans a one-time opportunity to reset their deadline for providing participants with the plan’s required annual fee disclosure.

United StatesEmployment and HR
Maggie McTigue
Maggie McTigue
Elizabeth Savard
Elizabeth Savard
Karen Simonsen
Karen Simonsen
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The United States Department of Labor (DOL) recently issued guidance that gives administrators of defined contribution plans a one-time opportunity to reset their deadline for providing participants with the plan's required annual fee disclosure. 

Background

Under DOL final regulations issued in 2010, administrators of 401(k) plans and other defined contribution plans with participant-directed investments must provide participants and beneficiaries with an annual fee disclosure that includes detailed plan and investment-related information (see "Department of Labor Issues New Rules on 401(k) Fee Disclosure to Participants" for more information).  For most plans, including calendar year plans, the initial fee disclosure was due by August 30, 2012, with subsequent disclosures to be provided at least once in any 12-month period. 

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