In an effort to give retirement service providers more time to comply with the new fee disclosure model, the U.S. Department of Labor (DOL) has postponed the effective date for the legislation.
According to the DOL, a final Employee Retirement Income Security Act Section 408(b)(2) regulation has not yet been issued, making it difficult for service providers to comply with the fee disclosure laws in time. An interim final 408(b)(2) regulation was published on July 16, 2010. This regulation required retirement plan providers to disclose information about fees and conflicts of interest to plan fiduciaries.
Until recently, the new requirements were scheduled to be effective for plan contracts started on or after July 16, 2011. However, the DOL had previously said it intended to extend the compliance deadline to Jan. 1, 2012.
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