Alert June 07, 2011

DOL Proposes Extension of Effective Dates for New Service Provider and Participant-Level Retirement Plan Fee Disclosure Requirements

The Department of Labor (the “DOL”) issued a proposal (the “Proposal”) finalizing its previously announced intention to extend from July 16, 2011 to January 1, 2012 the effective date for the interim final regulation under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that would require enhanced disclosure from certain pension plan service providers to plan fiduciaries.  The interim final regulation was discussed in the August 3, 2010 Alert.  The Proposal would also amend the DOL’s participant-level fee disclosure regulations (discussed in the November 2, 2010 Alert) to extend the deadline for a plan to disclose specified plan fee and expense information to participants from 60 to 120 days following the date the new requirements begin to apply to the plan.  Comments on the Proposal are due by June 15, 2011.