The Labor Department has refuted claims that it plans to move the April 1 compliance deadline for new 401(k) fee disclosure rules to later in the year to give service providers time to make changes based on the final regulation.
The 408(b)(2) regulation will require service providers to detail any fees they are charging plan sponsors. The final regulation could be issued before the end of January.
"The department is sympathetic to concerns by industry, but we haven't signaled that applicability deadlines will be extended," said a DOL spokesman. "We're sympathetic to concerns, so we are aware of them. I'm not going to speculate where the current information is coming from."
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