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404a-5 disclosure, for past-performance information which date?

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A plan's administrator is pulling together its disclosure under 29 C.F.R. 2550.404a-5. Looking toward the plan year that begins with January 2017, the administrator will send a set of plan communications (some of which meet a 30 days' notice condition) by November 2016, and include in that set a 404a-5 disclosure.

In that disclosure, must the investment alternatives' past-performance information be for the 1-, 5-, and 10-calendar-year periods ended December 31, 2015?

Or may the past-performance information be for the 1-, 5-, and 10-year periods ended September 30, 2016?

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania



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The regulation specifies that the investment return data be provided for the 1, 5, and 10 year "calendar year periods (or for the life of the alternative, if shorter) ending on the date of the most recently completed calendar year". DOL Reg. Section 2550.404a-5(d)(1)(ii). However, FAB 2012-2R provides that more recent return data may be provided in Q&A-23 and allows returns to be as of "the most recently completed calendar month or quarter." Hope this helps.

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