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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These comparative charts list the investment option by name, web address, average total returns for the last year, five years, 10 years and total lifetime. The comparative charts must include benchmark indexes over the same time period for comparison.
Employers requested the extension, noting that including the information later in the calendar year — alongside other pension benefit statements — would be advantageous for the employees.
"Under this policy, employers may reset their deadline for furnishing the comparative chart, but only once and only if the responsible plan fiduciary determines that doing so will benefit the plan's participants and beneficiaries," Assistant Secretary for Employee Benefits Security Phyllis C. Borzi said in a news release.
"We are announcing this policy in response to requests from a number of employers who say it will be better for their workers if the comparative chart could be mailed out a little later in the year along with other disclosures. But, otherwise, all the protections in the rule stay in place."
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