The Plan Sponsor Council of America, ERISA Industry Committee and U.S. Chamber of Commerce have asked the Department of Labor to clarify some of its proposals relating to fee disclosures in participant-directed individual account plans.
In particular, the groups asked the DOL to confirm that the extension given to plan administrators to furnish a comparative chart of alternative investments also applies to other disclosures they are supposed to submit to plan participants annually.
In a letter to the DOL, the groups also asked the agency to confirm that plan administrators that delay the annual fee disclosures in accordance with the Field Assistance Bulletin continue to be entitled to rely on the fiduciary safe harbor included in the regulation; extend the deadline for annual fee disclosures by providing a 45-day window as suggested by the department; and provide additional relief for special plan events.
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