401(k) Corner: LAST DISCLOSURE FOR 404(a)!
By Clint EdgingtonPosted on October 4th, 2012
At this point you’ve already conducted and disseminated your participant disclosures for your 401(k)/403(b) Plan that were required under ERISA section 404(a) (general information and a comparative chart of any Designated Investment Alternatives). This quarter, “participants must receive statement… showing the dollar amount of the plan-related fees and expenses (whether “administrative” or “individual”) actually charged to or deducted from their individual accounts, along with a description of the services for which the charge or deduction was made.”1 (This disclosure is required no later than November 14, 2012)
We have been very busy helping plan sponsors benchmark and analyze to ensure their plan is competitive which fulfills the purpose of the DOL passing these rules. Please do not hesitate to contact us if you would like us to review your plan!