May 8, 2012 (Indianapolis) – On May 7, 2012 the Department of Labor (“DOL”) issued Field Assistance Bulletin 2012-02 (“Bulletin”), which provides guidance to plan administrators and service providers relating to the requirements of the new disclosure requirements under 404(a)(5) and 408(b)(2) of ERISA.
The Bulletin is formatted in a Q&A format and answers some of the most frequently asked questions about participant-level disclosure and how to implement the requirements. In addition, it gives guidance regarding the obligations of covered service providers under 408(b)(2) to furnish certain information to plan administrators so that the plan administrators can comply with the participant-level disclosure regulations.
Questions answered in the Bulletin include what types of plans are covered under the regulation, including which 403(b) plans are covered, methods of disclosing plan-related information and how to deal with revenue sharing.
In addition, Assistant Secretary of Labor for EBSA, Phyllis C. Borzi, indicated that the DOL is working on a second set of Q&As that will be more focused on the new rules for disclosure by covered service providers.
A copy of the Bulletin can be found at: http://www.dol.gov/ebsa/regs/fab2012-2.html