Fee Disclosure Effective Date Delayed Until July 1, 2012
On Thursday, February 2, 2012, the Department of Labor (DOL) announced a three month extension to the effective date of the fee disclosure rules. Consequently, service providers to your plan (those that expect to receive $1,000.00 or more in direct or indirect compensation) must provide this information by July 1, 2012. The delayed effective date also changes the date by which you must provide plan participants and other interested parties with investment performance and fee related information. That date is now no later than August 30, 2012.
The additional three months gives you the opportunity to fully prepare for the rule changes. We strongly recommend that if you have not done so already, you should notify your plan’s potential covered service providers very soon.
We also want to take this opportunity to remind you that ADMIN Partners is developing tools to help you comply with the fee disclosure regulations and would welcome the opportunity to provide you with a Proposal for Services.
If you have any questions or need additional information, please feel free to contact us.
Best,
Your ADMIN Partners Team