Plan sponsors may breathe a slight sigh of relief with news that they'll have a year to massage the details on their fee disclosures, according to the Department of Labor's own Phyllis Borzi.
Speaking to this year's SPARK National Conference in Washington D.C. on Monday, EBSA's assistant secretary offered a bit of insight on the motivations and directions for this summer's impending free disclosure regs, but readily admitted that the pace of action has necessitated a slightly phased-in approach.
Borzi said that yet another set of Frequently Asked Questions – a rough guide to interpreting the rules in both the less-than-two-weeks-away 408(b)(2) and August's participant disclosures – will likely appear in the next couple of months, but that the ongoing delays mean the DOL will be a bit more understanding as sponsors spend the next year doing their very best to get the details in order. Especially, as she said, the final details do continue to emerge.
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