Starting May 31, 2012, the Department of Labor (DOL) will require employers to give participants and beneficiaries of 401(k) and similar plans disclosures regarding participant fees, expenses, and plan administrative costs.
The Department of Labor (DOL), Department of the Treasury, and Department of Health and Human Services (HHS) jointly issued proposed regulations regarding the Summary of Benefit Coverage (SBC).
Lawsuits involving investment selection and monitoring under 401(k) Plans are proliferating around the country against companies and their respective directors, officers and plan committees.
On September 13, 2011, the U.S. Department of Labor (“DOL”) in Technical Release 2011-03 (the “Release”) released interim guidance on how plan administrators may use electronic media to deliver the newly required fee disclosures for participant-directed plans.
Plan administrators can satisfy fiduciary requirements for disclosures concerning participant-directed individual account plans (the most common example being 401(k) plans) through the use of electronic media in certain circumstances, as described in a Technical Release issued by the U.S. Department of Labor (DOL) on September 13, 2011.
When it published a final rule on disclosure requirements for participant-directed retirement plans in October 2010, the U.S. Department of Labor (DOL) reserved for further guidance whether this disclosure could be delivered in electronic form.
The Department of Labor has published an interim policy describing how fiduciaries may use electronic media to meet new DOL requirements, which will take effect this spring.
On August 22, the Departments of Treasury, Labor, and Health and Human Services (the Departments) jointly published proposed regulations on the new Summary of Benefits and Coverage (SBC) that insurers and group health plan administrators will be required to distribute beginning next year.
The U.S. Department of Labor (DOL) recently issued a request for information (RFI) concerning the use of electronic media to furnish information to participants and beneficiaries of ERISA-covered employee benefit plans.
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.