The DOL has given retirement plan sponsors until April 30, 2012 to comply with its new fee disclosure regs. But some say that’s not enough time.
Two major organizations — the American Society of Pension Professionals & Actuaries (ASPPA) and the Council of Independent 401(k) Recordkeepers (CIKR) sent a request letter to the DOL asking it to push back the effective date
for the new 401(k) fee disclosure regs.
The DOL has already pushed back the actual compliance deadline once. The regs go into effect Jan. 1, 2012. But earlier this year, the DOL extended the applicability date of the regs to give plan sponsors more time to comply. It gave calendar-year plans an extra 120 days to make their first disclosure of 401(k) fee and expense information to plan participants — pushing the compliance deadline back to April 30.
The ASPPA and the CIKR both said they support the DOL’s efforts to improve fee-transparency.
But, because the DOL hasn’t released its final rules on fee disclosure yet, complying with the regs in “three short months” doesn’t give providers enough time to prepare, the ASPPA/CIKR letter said.
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