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July13th

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In a notice on its website, the U.S. DOL announced the extension of the applicability date of the fiduciary-level fee disclosure regulation issued under ERISA section 408(b)(2) until April 1, 2012. The Department had previously proposed to extend the applicability date only under January 1, 2012.

In addition, the DOL also announced an amendment to the applicability date of the participant-level fee disclosure regulation. Initial participant-level disclosures must now be made no later than 60 days after the first day of the plan year beginning after 11/1/11, or if later, 60 days after the effective date of the fiduciary-level fee disclosure regulation. Previously, the DOL had proposed a 120-day transition period to provide these disclosures.

This was reprinted from ASPPA.

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