Human Resources
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DOL Delays Application of New Fee Disclosure Rules

On July 19, 2011, the Department of Labor (DOL) published a final rule that extended the dates by which plan administrators and service providers must be in compliance with certain new fee disclosure requirements.

The extension of time is especially helpful for the sponsors of plans that are subject to these new fee disclosure requirements—individual account plans under which a participant directs investments (in general, 401(k) and 403(b) plans). In announcing the extension, the DOL noted that robust compliance with the fee disclosure requirements would be expected in light of the additional time being provided.

The Aon Hewitt bulletin below discusses the background, effective dates, and implications of the fiduciary-level and participant-level fee disclosure rules.

DOL Delays Application of New Fee Disclosure Rules