The DOL has published final regulations modifying the applicability dates for certain fee disclosure rules. In July 2010, interim final regulations under the ERISA § 408(b)(2) were issued, requiring covered service providers of retirement plans to disclose comprehensive fee information and possible conflict of interest information to ERISA fiduciaries. The original applicability date was for contracts or arrangements in existence on or after July 16, 2010. The new applicability date for ERISA § 408(b)(2) fee disclosure has been set as April 1, 2012.

In October 2010, the DOL also published a final regulation regarding employer disclosure to participants of plan and investment costs for self-directed 401(k) and other individual account plans under ERISA § 404(c). Under the revised applicability date, the ERISA § 404(c) participant disclosure will be effective 60 days following the applicability date of the ERISA § 408(b)(2) fee disclosure regulation. The change was made so that the ERISA § 408(b)(2) disclosure regulation will be in force before plans are required to disclose fees to participants.

The DOL also amended a transitional rule that requires quarterly disclosures to participants and beneficiaries. As amended, the transitional rule will require the first quarterly disclosure be made no later than 45 days after the end of the quarter in which plans would otherwise be required to make the initial ERISA § 404(c) participant disclosure. Again, this change was necessary so that the first quarterly disclosure to participants and beneficiaries would not be due until after the employer is required to provide the initial disclosure under ERISA § 404(c). (76 Fed. Reg. 31544)