Inherent in any successful benefits strategy is awareness and action regarding the regulatory environment surrounding your employer-sponsored plans. Below, we have compiled a few reminders of upcoming regulatory deadlines:
All deadlines below assume a calendar plan year-end:
First Quarter 2019 (and beyond): Helpful Hints to Navigate
February 14: The Department of Labor’s regulations on fee disclosure include a requirement to issue certain disclosures to participants/beneficiaries by 45 days after each quarter-end for participant-directed DC plans.
o This disclosure is required for all participants with an account balance as of the end of the quarter.
o It is likely that your TPA handles this quarterly disclosure for you. However, this is a good opportunity to monitor the process in place at your TPA to ensure that these disclosures are being mailed out to participants in a timely manner.
Note: The DOL is continuing their scrutiny of compliance with these regulations and your fiduciary responsibility does not stop at assigning this task to your TPA, so be sure to maintain due diligence with this process!Read More