More key retirement-related regulatory news for plan sponsors to monitor carefully, including links to get detailed information.
DOL releases Field Assistance Bulletin on fee disclosures
The Department of Labor (DOL) has released Field Assistance Bulletin 2012-02 providing guidance on fee disclosures. This bulletin supplements the participant-level disclosure regulation by providing guidance on some of the most frequently asked questions concerning the regulation and how it may be implemented.
In addition, on February 3, 2012, the DOL published a final regulation under section 408(b)(2) of ERISA. The 408(b)(2) regulation, in relevant part, requires that certain covered service providers furnish specified information to plan administrators so that they may comply with their disclosure obligations in the participant-level disclosure regulation. Consequently, the guidance in Field Assistance Bulletin 2012-02 also serves as guidance concerning that specific requirement of the 408(b)(2) regulation. The bulletin is available here.
IRS posts VCP “Submission Kits” for plan sponsors who missed April 30 deadline
For retirement plan sponsors who missed the April 30 Economic Growth and Tax Relief Reconciliation Act (EGTRRA) deadline to adopt a preapproved plan, the IRS has made available Voluntary Correction Program (VCP) submission kits. These kits include sets of instructions, forms, and information that will be needed about how the VCP program works. Plan sponsors with defined benefit (DB) plans can find more information here. Those with defined contribution (DC) plans can find more information here.
DOL’s ERISA Advisory Council announces 161st meeting for June 12-14
The Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will hold its 161st meeting on June 12-14, 2012. The purpose of the open meeting is for Advisory Council members to hear testimony from invited witnesses and to receive an update from the Employee Benefits Security Administration (EBSA).
The Advisory Council will study the following issues:
- Managing disability risks in an environment of individual responsibility
- Current issues regarding income replacement during retirement rears
- Current challenges and best practices concerning beneficiary designations in retirement and life