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Department of Labor Issues Notice on ERISA Disclosure Rules
Washington, DC, September 19, 2000 - The Department of Labor has issued a notice requesting information regarding disclosure obligations under ERISA. Comments are due by January 12, 2001.
The Department is soliciting comments regarding the effect on employee benefit plans and employers of recent rulings of the Supreme Court and federal circuit courts on the extent of an ERISA fiduciary’s duty to disclose information to participants and beneficiaries.
The Department seeks to use the information submitted to determine whether it should clarify the extent of fiduciary duties under ERISA on disclosure and the interaction of such duties with the specific disclosure requirements of Title I of ERISA. The Department notes that it is considering a variety of possible actions, including the promulgation of regulatory guidance or legislative reform proposals