The Department of Labor (DOL) has issued the long-awaited final regulation related to service provider fee disclosures. The DOL has also extended the compliance date to July 1, 2012. The final regulation makes a number of changes to the disclosure obligation of service providers, some of which provide limited relief though others increase the disclosure requirements. The regulation provides a sample "guide" a service provider can give to a covered plan to assist the responsible plan fiduciary in finding the required disclosures, but use of the guide is not mandatory.
To view a copy of the announcement from the DOL's website, click here.
To read the DOL's summary of changes, click here. To read its Fact Sheet for the regulations, click here.