The long — and still counting — delay by the Department of Labor in issuing final regulations governing fee disclosures between providers and sponsors is complicating everyone's plans — from those implementing the rules to those helping the different parties to cope with them.
Take the case of the American Society of Pension Professionals & Actuaries, Arlington, Va. The group announced via e-mail on Dec. 1 that it would conduct a webcast on Dec. 15 about the regulations, which affect Section 408(b)(2) of the Employee Retirement Income Security Act.
The webcast will feature a discussion of “the actual requirements as well as practical suggestions about implementing the new rules and talking to your clients about how you are compensated,” the announcement said.
Two hours later, another ASPPA e-mail arrived, with the word “NOTICE!” in red letters.
That e-mail noted the webcast is scheduled for Dec. 15 “in anticipation of the release of the final regulations. The actual live webcast date may be postponed if the regulations are not released in sufficient time to allow for adequate preparation.”
For those keeping score, the Office of Management and Budget was supposed to have signed off on the regulations by Oct. 22, but the rules haven't been published in the Federal Register yet. The regulations, whenever they are published, are still slated to take effect April 1.