The SPARK Institute has asked the U.S. Department of Labor for additional wiggle room when it comes to participant fee disclosure notifications.
Companies that sponsor retirement plans for their employees are required to notify participants about the fees they are paying in their participant-directed plans on an annual basis. Some in the industry have questioned the timing on those disclosures, which was the end of August, saying that timeline didn't give employers enough time to get all of their regulatory ducks in a row.
In response, the Department of Labor last year issued a compliance bulletin giving employers 18 months to get their next fee disclosure notification out to participants.
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