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In 2010, a Department of Labor (DOL) final rule created participant-level fee disclosure requirements for the administrators of participant-directed retirement plans, which expanded ERISA’s fiduciary duty requirements for these plans.
The final rule requires administrators of these plans to disclose, on a regular and periodic basis, certain fee, expense and other information regarding plan investments and participants’ rights to direct their plan investments.
Plan administrators must provide plan-related and investment-related information to participants on or before the date they can first direct their investments under the plan and on an annual basis after the initial disclosure. Also, on a quarterly basis, plan administrators must provide a statement to participants that shows the dollar amount of the plan-related fees and expenses actually charged to or deducted from their individual accounts.
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