On October 14, 2010, the U.S. Department of Labor released final regulations detailing a plan administrator’s fiduciary responsibilities regarding disclosure of plan and investment-related information, including fee and expense information, to participants and beneficiaries of participant-directed individual account plans such as 401(k) plans.
Tax-qualified retirement plan fee disclosure has received significant recent attention from the media and the government.
The Department of Labor (DOL) has issued a new proposed regulation that would require the disclosure of fee and expense information to participants in participant-directed individual account plans such as 401(k) plans.
The Department of Labor on April 29, 2008, once again waded into what has become controversial waters by issuing additional regulatory guidance on default investments.
On October 24, 2007, the Department of Labor released final regulations implementing certain amendments to the Employee Retirement Income Security Act of 1974 (“ERISA”) that were enacted as part of the Pension Protection Act of 2006.
The Pension Protection Act of 2006 (“PPA”) amended ERISA by adding a new section 404(c)(5) to provide relief for plan fiduciaries who select default investment options for a participant (or beneficiary) who fails to provide investment instruction.
On October 23, 2007, the Department of Labor (“DOL”) released final regulations to provide ERISA relief to fiduciaries of participant-directed defined contribution plans that invest participant accounts in certain types of default investment alternatives in the absence of participant investment directions.