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Text of DOL Final Regs: Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans -- Timing of Annual Disclosure
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Mar. 18, 2015

"The amendment makes a technical adjustment to a timing requirement in the current regulation. As amended, the regulation provides plan administrators with flexibility as to when they must furnish annual disclosures to participants and beneficiaries.... The current regulatory language states that the term at least annually thereafter 'means at least once in any 12-month period, without regard to whether the plan operates on a calendar or fiscal year basis.' Today's direct final rule replaces '12-month period' with '14-month period.' Thus, the definition, as amended by this rulemaking, states that the term at least annually thereafter 'means at least once in any 14-month period, without regard to whether the plan operates on a calendar year or fiscal year basis.' ... The Department also requests comments on whether a similar adjustment is needed for the 'at least quarterly' definition in paragraph (h)(2) of the regulation. Today's direct final rule has no effect on the definition contained in paragraph (h)."

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