The Department of Labor issued an interim final rule on fee disclosure in 401(k) plans Thursday morning. The final Rule 408(b)2 relieves plan sponsors and their fund providers and consultants from having to share and store written documentation on disclosure obligations.
Nonetheless, each party must still make fee disclosures to the DOL and plan participants in writing.
Meanwhile, the DOL is still working on how fees will be disclosed and the substance of that disclosure.
The interim final rule, which also treats pension plans and defined contribution plans differently than welfare plans, will take effect on July 16, 2011.