The Employee Benefits Security Administration has issued a batch of guidance aimed at “individual account” retirement plans that do not permit participants to direct their own investments.

The guidance, given in EBSA Field Assistance Bulletin 2007-03, talks about participant statement timing requirements for “non-participant-directed” plans, such as 401(k) plans that hire professional money managers to invest assets for all plan participants.

A non-participant-directed plan should give statements to participants on or before the date when it files its Form 5500 tax form, and no later than the last date on which the plan is required to file the Form 5500.

If a non-participant-directed plan gets statements to the participants by the time it files its Form 5500 report and before the official Form 5500 report due date, then, “in the absence of further guidance,” the plan administrators will “be deemed in good faith compliance with the law,” EBSA officials write in the bulletin.

The bulletin replaces an earlier EBSA field assistance bulletin, FAB 2006-03.

A copy of the bulletin is available