Alert October 19, 2010

DOL Issues Final Rule Regarding Disclosure Requirements for Participant-Directed Plans

The Department of Labor (the “DOL”) issued final regulations under Sections 404(a) and 404(c) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The regulations set forth fiduciary requirements regarding disclosures to participants in participant-directed individual account plans (e.g., most so-called 401(k) plans).  The DOL originally proposed similar regulations in July 2008.  The final regulations are applicable for plan years starting on or after November 1, 2011, and will be discussed in greater detail in a future issue of the Alert.