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BenefitsLink Retirement Plans Newsletter

Supplement to
July 22, 2013
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BULLETIN

Supplement to July 22, 2013

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[Official Guidance]

DOL Field Assistance Bulletin No. 2013-02: Extension of Aug. 30 Deadline for Comparative Chart of Investment Alternatives
"A plan administrator may furnish the '2013 comparative chart' no later than 18 months after the prior comparative chart was furnished as described [herein]. The '2013 comparative chart' is the comparative chart that is due, according to the terms of the final regulation, 'at least annually' after the first comparative chart that was furnished in compliance with the regulation. For example, if a plan administrator furnished the first comparative chart on August 25, 2012, the '2013 comparative chart' would be due no later than August 25, 2013. In accordance with this Bulletin, however, the Department will take no enforcement action based on timeliness if the plan administrator furnishes the '2013 comparative chart' by February 25, 2014." (Employee Benefits Security Administration, U.S. Department of Labor)

[Official Guidance]

EBSA Press Release: Labor Department Permits 401(k) Plans to Reschedule Annual Disclosures to Employees (PDF)
"Under the enforcement policy contained in Field Assistance Bulletin 2013-02, plan administrators may reset the deadline one time, for either the 2013 or the 2014 comparative chart, if the responsible plan fiduciary determines that doing so will benefit the plan's participants and beneficiaries and provided that no more than 18 months may pass before participants receive their next comparative chart.... Plans operating on a calendar year had to furnish their first chart no later than August 30, 2012, and their second chart is due no later than August 30, 2013 [subject to the one-time reset permitted under the terms of the Field Assistance Bulletin]. Many other plan disclosures, however, such as pension benefit statements, are disclosed later in the calendar year. Permitting a one-time 'reset' of the deadline will allow plan administrators to align the comparative chart with other participant disclosures." (Employee Benefits Security Administration, U.S. Department of Labor)

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