The SPARK Institute has asked the U.S. Department of Labor for an extension of the deadline when retirement plan sponsors are required to provide participant fee and investment disclosure materials to participants.
As part of the 404a-5 participant fee disclosure rules that went into effect last November, plan sponsors are required to furnish plan participants with fee disclosure information at least once a year. The SPARK Institute would like a little more leeway, say about 18 months.
"Plan sponsors are requesting that their service providers combine the 401a-5 disclosures with other plan materials, such as year-end disclosures, or provide them after the start of a new calendar year when year-end investment alternative performance and benchmark information is available," said Larry Goldbrum, general counsel for The SPARK Institute.
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