May 18, 2012
--- The Department of Labor’s Employee Benefits Security
Administration made a technical correction to the recently released Field
Assistance Bulletin No. 2012-02. ---
The guidance contains frequently asked questions and answers
about the department’s participant-level fee disclosure regulations. (See “DOL Issues Additional Guidance for
Participant Fee Disclosures.”) A sentence in the answer to Question
19 concerning quarterly website updates to “average annual total return”
information inadvertently referred to the most recently completed calendar
“year” rather than the most recently completed calendar “quarter,” the DOL
said.
The department corrected this error to accurately restate
the requirements of the regulation. The word “calendar” also was removed from
the phrase “… 10-calendar year periods …” in the same
sentence.
The bulletin is available here.
Rebecca Moore