Regulations under ERISA Section 404(a) require plan administrators to disclose to plan participants and beneficiaries certain fee and investment performance information about each designated investment alternative made available under a participant-directed defined contribution plan. For calendar year plans, this information, which includes a comparative chart of all investment alternatives, was initially required to be provided to participants and beneficiaries no later than August 30, 2012. In addition, the regulations require that such information also be provided “annually” ( defined to mean at least once in any 12-month period, regardless of whether the plan operates on a calendar year or fiscal year basis).
Re-set Option Offered by Department of Labor
Many plans send required notifications closer to the end of the plan year. Acknowledging this practice and concerns raised over the cost of a separate distribution covering just this investment information, the Employee Benefits Security Administration (“EBSA”) issued