January 9, 2012 – It is being reported in retirement industry media that Department of Labor (DOL) final regulations governing service provider fee disclosure to employers and plan sponsors are awaiting White House approval. Such regulations typically are issued once they have been cleared by reviewers in the issuing agency, and the federal Office of Management and Budget (OMB). However, the executive branch sometimes exercises its discretion to put a “hold” on regulations, for various reasons. That appears to be the case in this instance.
DOL officials reportedly are expressing confidence that these regulations will be published by the end of January. Industry organizations have been lobbying vigorously for an effective date no earlier than one year after the regulations’ issuance. Watch this Latest News website for further details.