This rulemaking will amend the Department's qualified default investment alternative regulation (29 CFR 2550.404(c)-5), which provides relief from certain fiduciary responsibilities for fiduciaries of participant-directed individual account plans who, in the absence of directions from a participant, invest the participant's account in a qualified default investment alternative. This amendment will provide more specificity to fiduciaries as to the investment information that must be disclosed in the required notice to participants and beneficiaries. This amendment also will enhance the information that must be disclosed concerning target date, or similar age-based, qualified default investment alternatives. The Department published in the Federal Register, at section 2550.404(a)-5 (75 FR 64910, Oct. 20, 2010), a final regulation that requires the disclosure of certain plan and investment-related information, including fee and expense information, to participants and beneficiaries in participant-directed individual account plans (the participant-level disclosure regulation). The proposed rulemaking also will amend the participant-level disclosure regulation to require the disclosure of the same information concerning target date, or similar investments, to all participants and beneficiaries in participant-directed individual account plans.

EBSA is withdrawing this entry from the agenda at this time.  Withdrawal does not necessarily mean that EBSA will not proceed with the rulemaking in the future. Withdrawal allows EBSA to assess the subject matter further and determine whether rulemaking in this area is appropriate.  Following such an assessment, EBSA may determine that rulemaking is appropriate.  If that determination is made, this or a similar matter will be included in a succeeding semiannual agenda.