Ovation Payroll, one of our many active sponsor organizations, has advised us that the Department of Labor (DOL) published final regulations requiring certain retirement plan service providers to furnish fee-related information to the plan administrators of the defined benefit and/or defined contribution plans with the organizations with which they contract (the service-provider rules). In conjunction with the publication of the service-provider rules, the DOL confirmed a revised effective date for the final regulations requiring plan administrators of participant-directed individual account plans such as 401(k) plans to furnish certain fee-related information to plan participants. Plan administrators of such plans now have until November 14, 2012, to furnish the initial quarterly fee statement.

For more infomation, contact your payroll service, your plan administrator or the Department of Labor directly.