The American Society of Pension Professionals and Actuaries is urging the Department of Labor to extend the deadline for complying with DOL’s 408(b)2 and 404(a) fee disclosure regulations as the department has yet to issue final guidance on either.
Craig Hoffman, general counsel and director of regulatory affairs for ASPPA, told DOL in a Dec. 19 letter that while ASPPA supports DOL’s efforts to improve fee disclosure for individual retirement plans, “unfortunately the application of both the interim 408(b)(2) and 404(a) regulations is only three months away and the DOL has not issued the final guidance needed to create systems to comply with the regulations.”
The DOL’s Employee Benefits Security Administration announced in July that it was extending the interim final rule deadline on its plan level fee disclosure rule, 408(b)(2), to April 1, 2012. But Hoffman told DOL that the effective date for the fee disclosure regs should be “no earlier than one year after the 408(b)(2) regulation is published in final form.”