Now that a final resolution has been made on fee and compensation disclosure for ERISA-covered retirement plans, service providers can concentrate on aligning with compliance demands.
The timing of DOL's final decision on the 408(b)(2) rule wasn't far off from the expected end-of-January announcement date. But with a compliance deadline set for April 1, industry groups pressed for additional time to prepare for whatever curve balls were thrown into the final ruling.
DOL did not want to give into speculation of another push-back on the compliance date, but as we saw last week, the agency buckled to industry pressure and gave service providers another three months (until July 1) to do whatever is needed to comply.
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