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March 2, 2011

Delay of Service Provider Fee Disclosure

Last summer, the DOL issued interim final regulations relating to service provider fee disclosure (see Retirement Plan Fee Disclosure Continuum, from the August 2010 edition of Benefit Beat).  These rules are part of a 3-prong effort by the DOL to ensure that retirement plan sponsors and participants have the requisite information to make informed plan decisions.  The service provider rules specifically require that service providers disclose certain information to plan sponsors. 

These rules were set to take effect July 1, 2011.  The DOL recently announced its decision to delay the effective date of the service provider rules until January 1, 2012.  The reason for the delay is to make certain that plans and their service providers have adequate time to analyze the final rules, and make the necessary changes to ensure proper disclosure. The final rules are expected to be issued soon. 

 

The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.

As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

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