New 401(k) fee rules: Feds' give you more time
Most employers are dreading the day when they have to start complying with the feds’ new 401(k) fee disclosure rules. So this announcement should come as somewhat of a relief.
You’ll have a little bit more time before you have to start complying with the Department of Labor’s (DOL) new fee disclosure rules.
According to the DOL, the effective date for calendar year plans will remain Jan. 1, 2012.
However, the agency is now giving firms up to 120 days after that date to make their first disclosure to employees.
That means employers with calendar-year plans have until April 30, 2012, to distribute fee-related info to employees.
Previously, employers only had 60 days after the effective date to distribute that info.
While the extra time should come as a relief to most employers, it’s best to begin preparing for the new regs ASAP. One place to start: Identifying – and separating – the various fees in your plan.
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