The DOL issued the final 408(b)(2) regulation on February 2, 2012.

Key points are:

• The extension of the effective date to July 1, 2012;
• The fact that service providers are not required to provide a summary of the disclosures, though the DOL provided a sample “guide” that is not mandatory;
• The addition of a requirement to describe the arrangement between a covered service provider and the payer of indirect compensation;
• Clarification that electronic transmission of the disclosures is permitted;
• Relief from the disclosure requirements for “frozen” 403(b) contracts;
• A new requirement that plan sponsors terminate the relationship with a service provider who fails or refuses to provide information on request;
• Limited relief for disclosures for brokerage accounts and similar arrangements.

Bruce Ashton and I have drafted a more detailed Alert for our law firm, Drinker Biddle & Reath LLP.  That Alert is located at:

http://www.drinkerbiddle.com/resources/publications/2012/finally-the-final-408b2-regulation