Plan sponsors will be allowed to temporarily reset the timing of the annual distribution of 401(k) investment comparative charts, thanks to a ruling from the Department of Labor.
This means employers have more time to comply with the required comparative chart and its three-part disclosure. The initial chart deadline was Aug. 30, 2012. Before Monday's ruling, the second chart deadline had been Aug. 30, 2013.
However, now employers can reset the deadline by as much as six months. This one-time change extends the final chart deadline as long as the second and third charts are provided within 18 months of the initial disclosure.
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