DOL Publishes Submission Procedures for Employers to Report Delinquent Service Providers
As we have blogged before (here and here), certain service providers to qualified plans are required to provide plan administrators with fee disclosures. The initial disclosures were due July 1, 2012. The Department of Labor has now published a new mailing address and web based procedures for employers and plan administrators to report delinquent service providers to the DOL. Plan fiduciaries are required to report to the DOL service providers who do not give the plan appropriate fee disclosure information.
The new address is: U.S. Department of Labor, Employee Benefits Security Administration, Office of Enforcement, P.O. Box 75296, Washington, D.C. 20013. The new web address is: www.dol.gov/ebsa/regs/feedisclosurefailurenotice.html. The web page will include clear instructions for how to submit the required notification and will provide immediate confirmation that the notice was received.
The DOL provided this new information in a “direct final rule” that will become final without further action or notice 60 days after the notice is published in the Federal Register unless significant adverse comment is received within 30 days after the publication. The Department is not expecting adverse comment but if there is adverse comment, the final rule will not go into effect. Instead, the final rule will be considered a proposed rule and the Department will take comments into account before finalizing the proposed regulation.
Contact Benefits Notes for more information.