State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
July 02, 2012
DOL's 401(k) Fee Disclosure Rules Take Effect Today

The U.S. Department of Labor's 401(k) fee disclosure rules took effect on July 1, 2012. Are you aware of your responsibilities as a plan sponsor under the new rules? We have resources to help.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

There are three parts to the new fee disclosure rules, all designed to clarify fees and compensation associated with servicing covered retirement plans.

Part one requires notifying the Department of Labor.

Part two requires service providers to notify plan fiduciaries.

Part three requires plan sponsors to notify participants.

Fee disclosure took effect July 1, 2012. Plans then have 60 days from the later of that date or the first day of their plan year following November 1, 2011 to make the disclosures to participants and beneficiaries. For January 1, April 1, and July 1 plans, then, disclosures are due from the plan sponsor by August 31, 2012. Plans that operate on an October 1 to September 30 plan year must provide disclosures by November 30, 2012. All plans must make the disclosures at least once every year after the initial disclosure.

BLR has created a series of videos that provide further details on the new 401(k) fee disclosure requirements. We have also put together a comprehensive resource for compliance.

Here are links to videos:

Meanwhile, BLR's 2012 New 401(k) Fee Disclosure Compliance provides you with explanations, checklists, samples, charts, fact sheets and the actual DOL regulation from Federal Register. It will guide you through the maze of establishing the framework for disclosure and help you develop the communications for compliance.

The report:

  • provides background information and your role.
  • describes what information will soon be available to you and how to disclose it to plan participants, including a FAQ section and key dates,and
  • gives you sample communication plan and sample forms and statements to distribute to participants.

Featured Free Resource:
Cost Per Hire Calculator
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB06
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Benefits-Leave/Retirement-Savings-401k/DOLs-401k-Fee-Disclosure-Rules-Take-Effect-Today/