The SPARK Institute has asked the U.S. Department of Labor for an extension of the deadline when retirement plan sponsors are required to provide participant fee and investment disclosure materials to participants.
As part of the 404a-5 participant fee disclosure rules that went into effect last November, plan sponsors are required to furnish plan participants with fee disclosure information at least once a year. The SPARK Institute would like a little more leeway, say about 18 months.
"Plan sponsors are requesting that their service providers combine the 401a-5 disclosures with other plan materials, such as year-end disclosures, or provide them after the start of a new calendar year when year-end investment alternative performance and benchmark information is available," said Larry Goldbrum, general counsel for The SPARK Institute.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.