The Department of Labor is allowing defined contribution retirement plan administrators to reset the timing for annual fee disclosures to participants (see our earlier blog post reminding readers of the disclosure requirement and contemplating possible relief). 

DOL has issued Field Assistance Bulletin 2013-02 announcing the temporary enforcement policy. The participant-level fee disclosure regulation, implemented last year, required administrators of 401(k)- and 403(b)-type plans to disclose information about plan investment options – including fees and investment performance information –to participants at least annually. Plans maintained on a calendar year basis were required make the first participant-level disclosures by August 30, 2012. Absent the relief provided by FAB 2013-02, plan administrators would be required to reissue updated versions of fee disclosures to participants by August 30, 2013 (or earlier, if the first fee disclosures were issued before August 30, 2012).  

Under FAB 2013-02, plan administrators may reset the deadline one time, for either 2013 or 2014, if the plan fiduciary determines plan participants will benefit from doing so and provided no more than 18 months pass before participants receive the next disclosure.

The temporary enforcement policy does not change any other requirements for plan administrators.

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Photo of Monique Warren Monique Warren

Monique Warren is a Principal in the White Plains, New York office of Jackson Lewis P.C. Ms. Warren is a member of the Employee Benefits Counseling, Executive Compensation, Benefits Litigation and Workplace Privacy Practice Group.

Ms. Warren counsels employers on employee benefits compliance…

Monique Warren is a Principal in the White Plains, New York office of Jackson Lewis P.C. Ms. Warren is a member of the Employee Benefits Counseling, Executive Compensation, Benefits Litigation and Workplace Privacy Practice Group.

Ms. Warren counsels employers on employee benefits compliance and administrative matters, drafts plan documents and employee communication materials, and represents employers to government agencies and in employee benefit litigation. Her expertise includes health and welfare plans as well as retirement plans.

Ms. Warren has spoken at numerous client and professional association events including SHRM and WEB meetings. She also has presented numerous seminars on employee benefits compliance topics including benefits basics for human resource professionals, HIPAA privacy and security, 409A requirements, and annual legal updates.

Prior to joining the firm in 2006, Ms. Warren was a member of the employee benefits group of a large Chicago law firm and later maintained her own practice in Illinois, representing employers in employee benefits, employment and employment-related immigration matters. While attending law school, she was an intern in the tax clinic at Loyola University Chicago School of Law and was a judicial extern for the Honorable Blanche Manning, Federal District Court, Northern District of Illinois. As a law student, she received academic honors and was a member of the moot court employment law team.

During the ten years prior to attending law school, Ms. Warren directed human resource functions in manufacturing and research enterprises. She was certified as a Senior Human Resource Professional by SHRM in 1996.