In response to comments from various organizations representing employers, plans, recordkeepers, and other service providers, the U.S. Department of Labor (“DOL”) published a rule revising the timeframe for administrators to provide certain expense and investment annual disclosures to individuals participating in “participant-directed individual account plans” (e.g., 401(k) plans and 403(b) plans). If implemented, the rule requires that participants receive the annual disclosures at least once in a 14-month period. The current rule calls for the annual disclosures at least once every 12 months.
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