28 pages. Excerpt: DOL recognizes that requiring the giving of prospectuses is still sensible, just not useful and probably even counterproductive when forced out to those who do not want them. The new 404a-5 rule therefore switches the prospectus requirement from 'push' to 'pull.' Under the new rules, fiduciaries need only give prospectuses when participants request them.... [F]iduciaries of participant-directed plans have an affirmative obligation to ensure participants have enough information to make informed decisions -- with prescribed format and content -- and 404(c) protection is not available unless this basic obligation is first met. When combined with the additional transparency initiatives DOL has already completed -- the new 5500 rules and the 408b-2 contract rules -- the new participant disclosures round out a sensible array of regulations[.]