On February 11, 2011, the Department of Labor (DOL) announced it is extending the effective date of new ERISA fee disclosure rules from July 16, 2011, to January 1, 2012. The delay will allow the DOL to review and incorporate comments received on the interim final rule, and avoid compliance problems for both plans and service providers. The new rules amend
§ 408(b)(2) to require that service providers disclose to the plan administrator detailed information regarding plan services, including direct and indirect compensation.
For more on the new disclosure rules, see our previous Compliance Alert here.