Rumor has it the Department of Labor may once again push out the compliance deadline for 401(k) fee disclosure rules.
On Wednesday, Reuters released a story – unconfirmed by DOL – that the department may scrub the April 1 effective date in order to give service providers more time to modify their systems based on new regulation (which hasn't been finalized, though DOL hints it should be out by the end of this month.)
The American Society of Pension Professionals and Actuaries (ASPPA) and the Council of Independent 401(k) Recordkeepers (CIKR) argue that a specific disclosure rule – the 408(b)(2) regulation – is an important issue that needs to be resolved, and that three months is a tight (and very costly) timeline for compliance.
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