Gelman, Rosenberg & Freedman CPAs released an industry alert notifying nonprofit organizations and companies that sponsor retirement plans about new rules set by the U.S. Department of Labor. The new rules will require full disclosure of services and fees associated with retirement plans in effect on or after July 1, 2012. The rules cover defined benefit plans and defined contribution plans including 401(k)s and 403(b)s but not Simplified Employee Pension (SEP) plans, Savings Incentive Match Plan for Employee (SIMPLE), IRA plans or individual retirement annuities.
The alert was distributed electronically to individuals and organizations that may be impacted by the new rules. Click U.S. Department of Labor Announces New Rules Governing Employee Benefit Plans to read the full notice about the new Department of Labor rules, and to sign up for future industry alerts.