Employee Benefits Security Administration proposes extension

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has proposed to extend and align the applicability dates for its reitrement plan fee disclosure rules.

Fiduciary-Level Fee Disclosure

EBSA previously published an interim final regulation on July 15th, 2010, requiring retirement plan service providers to disclose comprehensive information about their fees and potential conflicts of interest to plan fiduciaries.

Although the new requirements are scheduled to apply to plan contractors or arrangements for services in existence on or after July 16th, 2011, the department previously announced its intention to extend the deadline to January 1st, 2012.  The department recognizes that because a final rule is not yet in place, service providers may need additional time for compliance, and the proposal when finalized, would make the extension official.