Fee Disclosure Under 408(b)(2) Delayed to 4/1/2012 and Participant Disclosure Delay to 5/31/2012

The ERISA section 408(b)(2) plan fiduciary-level fee disclosure rule (which applies to plan service-providers) has been extended to April 1, 2012 (three months later than the January 1, 2012 date proposed earlier). As to the participant-level fee disclosure rule, the earlier-proposed transition period has been modified to coordinate with the fiduciary-level rule. Participant-level disclosure is required no earlier than (i) 60 days after the fiduciary-level rule applies to the plan or (i) 60 days (not 120 days as had been proposed) after the applicability date (which is the first day of the first plan year beginning on or after November 1, 2011). This example is provided by DOL: "As to calendar year plans, the participant-level disclosure regulation becomes applicable on January 1, 2012. Pursuant to . . . the final transitional rule, such plans must furnish their first set of initial disclosures (all disclo sures other than disclosures required at least quarterly) no later than May 31, 2012, which is 60 days after the April 1, 2012 effective date of the 408(b)(2) regulation." Also, DOL said it will be addressing in the future several questions raised by commenters about the use of electronic delivery to participants of the disclosure.....text of an announcement from BenefitsLink Retirement Plans Newsletter 7/13/2011