The U.S. Department of Labor's Employee Benefits Security Administration and the U.S. Securities and Exchange Commission announced that information the EBSA requires plan administrators to give to plan participants or beneficiaries under its participant-level fee disclosure regulation will satisfy the requirements of Rule 482 under the Securities Act of 1933.

The SEC issued a "no-action" letter to resolve concerns about potential differences between the department's participant disclosure requirements and the SEC's rules on advertising that may apply to plan investment options.

"This no-action letter is significant for many reasons, but primarily because it will help 401(k) plans and service providers understand what is expected of them under the Employee Retirement Income Security Act and the advertising rules under securities law," said EBSA Assistant Secretary Phyllis C. Borzi. "This ultimately will reduce the cost of regulatory compliance for these plans, which will benefit America's workers. This letter exemplifies the close and sustained coordination between our agency and the SEC, not only on this letter, but on many other matters affecting retirement plans and their financial service providers."