Employee Benefits: Notice Requirements for Plan Administrators and Fiduciaries
In addition to current notice and disclosure requirements, the DOL recently released proposed regulations regarding 401(k) plan disclosures that would require the disclosure of certain plan and investment-related information, including fee and expense information, to participants and beneficiaries. The regulations are proposed to be effective for plan years beginning on or after January 1, 2009. Employers and plan administrators should be aware that each of the various disclosures must be given within certain specific time frames, and that failure to do so may constitute a breach of fiduciary duty under ERISA. To that end, the enclosed summary chart is intended to provide a quick reference tool for certain basic notice and disclosure requirements under ERISA.