To be or not to be, that is the question. To delay or not to delay, I don’t know what the answer is.
With April 1 rolling around and no final rules concerning their implementation, many folks (namely retirement plan providers) are lobbying the Department of Labor to extend the enforcement of the fee disclosure regulations.
While a previous posting was my belief that the DOL shouldn’t delay the implementation of the regulations, my belief is that as each day that passes by, it is more likely that the DOL will delay.
So while I believe that plan providers should be ready for the April 1 date and don’t need to extend their complaints that they still aren’t ready for six months, the DOL deserves the blame for this mess.
Fee disclosure regulations have been on the board for almost 2 years now and it’s time the DOL to publish their final rules. Otherwise, we will get a delay and those who care about fee disclosure (whether it’s a plan provider, plan sponsors, or participants) will lose.