Under  Department of Labor Regulations, plan administrators of individual account plans such as 401(k) plans and most 403(b) plans must provide all participants who are eligible to direct investments in the plan with certain investment and fee information (see http://www.dol.gov/ebsa/newsroom/fsparticipantfeerule.html for more information).  The plan administrator is the employer sponsoring the plan unless the employer has designated another plan administrator.  For calendar year plans, the first annual disclosure is due by August 30, 2012 and the first quarterly disclosure is due by November 14, 2012.

Historically, most employer-plan administrators have not had easy access to all of the information that must be disclosed to participants pursuant to these regulations.  However, under separate regulations, plan service providers are required to provide to plan administrators – by July 1, 2012 – the information necessary for the initial annual participant disclosures. 

Many record keepers have been busy compiling the information provided by service providers to their plan clients so that they can assist plan administrators in preparing the participant disclosures in the form required by the regulations. 

Plan administrators should contact their record keepers now regarding these disclosures to confirm that they will be providing assistance in preparing the participant disclosures. Even after this information is compiled by the record keepers, plan administrators will need to review the information to ensure that it is correct and in compliance with the regulations.

For more information regarding these and other disclosures, please see our recent article Employee Benefits Plans Alert: Compliance Deadlines Loom for Fee and Other Disclosures.  

  

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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. She counsels employers on employee benefits compliance and administrative matters, represents employers to government agencies, and prepares plan documents and related employee communications.

Monique’s expertise includes health…

Monique Warren is a principal in the White Plains, New York, office of Jackson Lewis P.C. She counsels employers on employee benefits compliance and administrative matters, represents employers to government agencies, and prepares plan documents and related employee communications.

Monique’s expertise includes health and welfare plans as well as retirement plans. She has extensive experience helping plan sponsors navigate COBRA, HIPAA, and other ERISA and Internal Revenue Code provisions and correct compliance issues. A significant part of her practice currently focuses on defending employers in federal investigations of their group health plans as well as assisting government contractors with fulfilling fringe benefit obligations. She also has extensive experience helping retirement plan sponsors comply with ERISA fiduciary requirements and the Code’s qualification requirements and correcting plan errors under the Department of Labor’s and Internal Revenue Service’s voluntary correction programs.

Photo of Melissa Ostrower Melissa Ostrower

Melissa Ostrower is a principal in the New York City, New York, office of Jackson Lewis P.C. and co-leader of the firm’s Employee Benefits practice group. She counsels clients in a broad range of employee benefit matters, including general compliance and administration of…

Melissa Ostrower is a principal in the New York City, New York, office of Jackson Lewis P.C. and co-leader of the firm’s Employee Benefits practice group. She counsels clients in a broad range of employee benefit matters, including general compliance and administration of qualified retirement plans and nonqualified retirement plans.

Melissa assists clients with welfare plan issues involving cafeteria plans, health plans, flexible spending accounts, COBRA and the Affordable Care Act. She regularly speaks on all benefits issues including federal health care reform, fiduciary compliance and executive compensation.

Melissa regularly advises on executive compensation matters, including issues related to compliance with Section 409A, 162(m) and 280G of the Internal Revenue Code.

Melissa represents clients in connection with Internal Revenue Service and the Department of Labor audits and information requests. She also regularly assists clients in fixing plan operational and document errors. Melissa negotiates with benefits providers, volume submitter and prototype vendors, TPAs, insurers and auditors.

Melissa also advises clients in connection with phantom and equity based compensation arrangements.