Participant disclosure now once every 14 months

Mar 18, 2015 — According to EBSA, it has submitted a rule change that requires the annual disclosures, now made at least once in any 12-month period be changed to at least once in any 14-month period.  EBSA has said if it receives significant adverse comment during the public comment period it will withdraw the direct final rule and then address the comments in a subsequent final rule. The direct final rule is otherwise effective on June 17, 2015.  EBSA, which enforces such matters will treat a plan administrator as having satisfied the current 12-month rule if annual disclosures are made within the new 14-month deadline, provided that the plan administrator has reasonably determined that it benefits plan’s participants and beneficiaries.