UPDATE: One-Time Extension for Furnishing Annual Fee Disclosures to ParticipantsJuly 2013
Earlier this month we reminded you that plan administrators of participant-directed ERISA defined contribution retirement plans (e.g., 401(k) plans, 403(b) plans, profit sharing plans and money purchase plans) had to annually disclose certain fee information to participants and beneficiaries, and that for most plans there was an upcoming deadline in August 2013 for the second round of annual notices. Please click here to read that prior Alert. We noted in that Alert that practitioners and employers had appealed to the U.S. Department of Labor (“DOL”) to provide some flexibility to plans regarding the timing of the annual disclosures. We now write to inform you that the DOL has recently released guidance providing for a one-time extension of the deadline to provide annual fee information.
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