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October 12, 2007 at 01:12 PM
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.
