DOL Issues Proposed Regulation on Participant Disclosures
On July 23, the Department of Labor issued proposed regulations regarding Participant Disclosure for Participant-Directed Participant Accounts, namely 401(k) and other plans subject to ERISA. The proposed regulations define plan and investment related information, including fee and expense information. Upon adoption of the regulations, fee and expense details would be required to be disclosed to participants in participant-directed individual account plans.
While there is still much to be worked out before these requirements will be issued as final regulations, the proposed regulations will provide a framework for these final requirements. Please click here to read the American Society of Pension Professionals and Actuaries' (ASPPA) analysis of the proposed regulations.