US Department of Labor Issues Proposed Regulations on Required Disclosures to Plan Participants

August 27, 2008
Disclosure of certain investment-related information to participants and beneficiaries in plans that permit them to direct the investments of their plan accounts would be required under regulations recently proposed by the Department of Labor under Section 404(a) of the Employee Retirement Income Security Act of 1974 (“ERISA”) as amended, along with conforming proposed regulations under Section 404(c). This update examines the proposed regulations as well as the impact they may have on plan sponsors, fiduciaries, participants, beneficiaries, and service providers.