The American Society of Pension Professionals and Actuaries and the Council of Independent 401(k) Recordkeepers sent a letter to the Department of Labor requesting it extend the applicability dates of fee disclosure regulations that affect both plan sponsors and plan participants.
The two organizations stated that Regulation 408(b)(2) goes into effect in three short months when the DOL has not released its final rule on the subject, which doesn't lend itself to an orderly transition period for those who must comply with it.
In their letter, authored by Craig Hoffman, general counsel and director of regulatory affairs at ASPPA, they stated that both organizations fully support the department's efforts to improve fee transparency.
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