Compliance May 18, 2012
DOL Notes a Change to Recent Fee Disclosure Guidance
May 18, 2012 (PLANSPONSOR.com) - The Department of Labor’s Employee Benefits Security Administration made a technical correction to recently released Field Assistance Bulletin No. 2012-02.
Reported by Rebecca Moore
The guidance contains frequently asked questions and answers about the department’s participant-level fee disclosure regulations (see “DOL Issues Additional Guidance for Participant Fee Disclosures”). The DOL said a sentence in the answer to Question 19 concerning quarterly Web site updates to “average annual total return” information inadvertently referred to the most recently completed calendar “year” rather than the most recently completed calendar “quarter.”
The department corrected this error to accurately restate the requirements of the regulation. The word “calendar” also was removed from the phrase “… 10-calendar year periods …” in the same sentence.
The FAB is available at http://www.dol.gov/ebsa/regs/fab2012-2.html.You Might Also Like:

Washington Watchers See Good Prospects for Further Retirement Reforms
Among the potential retirement policy solutions that could become law in 2021 is a provision to allow 403(b) plans to...

New Administration Backs Out of Lawsuit Against CalSavers
A new filing with the 9th U.S. Circuit Court of Appeals says the DOL no longer wants to participate in...

Labor Secretary Nominee Walsh Shines in Confirmation Hearing
During the confirmation hearing, Boston Mayor Marty Walsh was complimented as being fully qualified for the role of labor secretary...