The Department of Labor regulations (Code Section 404a-5) place fiduciary responsibility on plan administrators, which is typically the employer, to provide a disclosure of their plan fees, expenses, and investment disclosures related to their individual retirement accounts at least once in a 14-month period without regard to whether the plan operates on a calendar year or fiscal year basis.
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Any changes to annual plan-related disclosures must be disclosed to participants at least 30 days and not longer than 90 days before the change becomes effective including:
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Failure to comply with these disclosure regulations will cause you to have breached your fiduciary duty, resulting in the plan losing 404(c) protection. |
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