ERISA 404(a) Participant Disclosure Regulation Resource Center - 2

Annual Disclosure

ERISA 404(a) Participant Disclosure Regulation Overview
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The Department of Labor (DOL) has released a final regulation that requires plan fiduciaries to disclose certain plan-, fee- and investment-related information to participants (including terminated participants with account balances, beneficiaries or alternate payees who control investment direction) in participant-directed defined contribution plans that are subject to ERISA, such as 401(k) and 403(b) plans. For plans with a qualifying employer security, the regulation does not apply to the employer security portion of the plan if the participant does not have the opportunity to direct retirement funds into or out of the employer security. However, if the participant may direct retirement funds into or out of the employer security, including those times when a participant may diversify into other investment options in the plan or into another participant-directed defined contribution plan of the employer, then the regulation applies for those participants.

Newly Eligible Disclosure

What does the regulation do?
The intent of the regulation is to ensure participants have the information they need to make informed decisions about their accounts. It should also provide a more consistent way for participants to compare investment options.

Quarterly Disclosure

Communicating Changes

When will the regulation go into effect?
The regulation applies for plan years beginning on or after November 1, 2011. However, the DOL has extended a transition period that applies to existing plans based on plan year, and initial disclosure must be given no later than the later of August 30, 2012, or 60 days after the plan’s anniversary date that occurs on or after November 1, 2011.

ERISA 404(a) participant disclosure regulation overview

What must be disclosed?
The participant disclosure regulation requires plan fiduciaries to provide certain disclosures to eligible participants regarding:
•	 Plan information •	 Investment information •	 Fee information

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ERISA 404(a) Participant Disclosure Regulation Resource Center

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