Two major organizations just sent a request to the DOL and, if they get their way, your company could get some much needed extra time to prepare for the upcoming 401(k) fee disclosure regs.
In a letter to the DOL, the American Society of Pension Professionals and Actuaries (ASPPA) and the Council of Independent 401(k) Recordkeepers (CIKR) asked the agency to push back the effective date for the new regs.
The organizations said they support the DOL’s efforts to improve fee-transparency.
However, because the agency hasn’t released its final rule on fee disclosure yet, complying with the regs in “three short months” doesn’t give organizations enough time to prepare, the groups said.
To read the full letter by the ASPPA and the CIKR, click.