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Compliance May 7, 2012
DOL Issues Additional Guidance for Participant Fee Disclosures
May 7, 2012 (PLANSPONSOR.com) - The Department of Labor’s Employee Benefits Security Administration (EBSA) issued frequently asked questions about the requirements of new participant fee disclosure rules.
Reported by Tara Cantore
Field Assistance Bulletin 2012-02 answers questions about what types of plans are covered under the regulation, including tax-sheltered annuity programs under Section 403(b). It also addresses methods of disclosing plan-related information and how to deal with revenue sharing.
“This guidance will help both plan administrators and covered service providers comply with their obligations under the department’s new fee-transparency rules, so that workers who make their own investment decisions in retirement plans will have the information they need to make informed investment choices,” said Assistant Secretary of Labor for EBSA Phyllis C. Borzi. “We also are working on a second set of frequently asked questions and answers focused more narrowly on the new rules for disclosure by covered service providers.”
To view Field Assistance Bulletin No. 2012-02, visit http://www.dol.gov/ebsa/regs/fab2012-2.html.