Is August 30, 2012
The second phase of the new DOL guidelines for participant disclosures is August 30, 2012. The disclosure requires plan sponsors, on an annual basis, to provide certain investment information and expense information to participants by August 30, 2012. The goal of the new regulation is intended to ensure that all participants and beneficiaries in participant-directed individual account plans have the information they need to make informed decisions about the management of their individual accounts and the investments of their retirement savings. Plan sponsors are required to provide both general plan-related information and plan investment information. General plan information includes lists of plan's investment options, administrative expense information explaining fees and expenses that may be deducted from individual accounts and also individual expense information that includes fees taken out of accounts as directed by participants. With regards to plan investment information, some of the required disclosures include specific information for investments with and without a fixed rate of return, links to internet websites with additional information to be made available and a glossary of terms.