EBSA issued final 408(b)(2) regulations and postponed the effective date until July 1, 2012 (see ErisaALERT 2010-11 for a discussion of the proposed rules). The final regulation is effective for both new and existing contracts or arrangements.
As a result of the extension, the deadline for participant disclosures (see ErisaALERT 2010-12) is extended to August 30, 2012. In addition, the first quarterly participant statement which must reflect fees and expenses deducted from the participant's account is due November 14, 2012 for the quarter ending September 30, 2012.
The EBSA website provides a list of the major changes.
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