[Federal Register Volume 77, Number 136 (Monday, July 16, 2012)]
[Proposed Rules]
[Pages 41716-41717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-17012]



Employee Benefits Security Administration

29 CFR Part 2550

RIN 1210-AB54

Amendment Relating to Reasonable Contract or Arrangement Under 
Section 408(b)(2)--Fee Disclosure/Web Page

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Proposed rule.


SUMMARY: This proposed rule is a companion to the Department of Labor 
(Department) Employee Benefits Security Administration's direct final 
rule (published today in the ``Rules and Regulations'' section of the 
Federal Register) amending the Department's fiduciary-level fee 
disclosure regulation under section 408(b)(2) of the Employee 
Retirement Income Security Act of 1974 (ERISA) to revise the mailing 
address and enhance the web-based submission procedure for notices 
filed under the regulation's fiduciary class exemption provision.
    The Department is publishing this amendment as a direct final rule 
without prior proposal because the Department views this as highly 
technical and anticipates no significant adverse comment. The 
Department has explained its reasons in the preamble to

[[Page 41717]]

the direct final rule. If the Department receives no significant 
adverse comment during the comment period, no further action on this 
proposed rule will be taken. If, however, the Department receives 
significant adverse comment, the Department will withdraw the direct 
final rule and it will not take effect. In that case, the Department 
will address all public comments in a subsequent final rule based on 
this proposed rule. The Department will not institute a second comment 
period on this rule. Any parties interested in commenting must do so 
during this comment period.

DATES: Comments must be received on or before August 15, 2012.

ADDRESSES: Written comments may be submitted to the addresses specified 
below. All comments will be made available to the public. Warning: Do 
not include any personally identifiable information (such as name, 
address, or other contact information) or confidential business 
information that you do not want publicly disclosed. All comments may 
be posted on the Internet and can be retrieved by most Internet search 
engines. Comments may be submitted anonymously.
    Comments, identified by RIN 1210-AB54, may be submitted by one of 
the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected].
     Mail or Hand Delivery: Office of Regulations and 
Interpretations, Employee Benefits Security Administration, Room N-
5655, U.S. Department of Labor, 200 Constitution Avenue NW., 
Washington, DC 20210, Attention: RIN 1210-AB54; Class Exemption 
Notice--Web Submission.
    Comments received by the Department of Labor may be posted without 
change to http://www.regulations.gov and http://www.dol.gov/ebsa, and 
will be made available for public inspection at the Public Disclosure 
Room, N-1513, Employee Benefits Security Administration, 200 
Constitution Avenue NW., Washington, DC 20210.

Regulations and Interpretations, Employee Benefits Security 
Administration, (202) 693-8500. This is not a toll-free number.

SUPPLEMENTARY INFORMATION: As noted above, in the ``Rules and 
Regulations'' section of today's Federal Register, the direct final 
rule being published makes technical changes to the Department's 
existing fiduciary-level fee disclosure regulation under ERISA section 
408(b)(2) (the ``408(b)(2) regulation''). The 408(b)(2) regulation 
includes a class exemption provision (in paragraph (c)(1)(ix)) pursuant 
to which ``innocent'' responsible plan fiduciaries may obtain relief 
when they unknowingly receive incomplete or incorrect disclosures from 
a covered service provider. In certain circumstances, the responsible 
plan fiduciary, in order to obtain relief, must file a notice with the 
Department of Labor concerning the covered service provider's failure 
(paragraph (c)(1)(ix)(C)). The final rule provides that notices may be 
sent to a Departmental mailing address or submitted electronically to a 
specified email address (paragraph (c)(1)(ix)(F)). The direct final 
rule amends this paragraph of the 408(b)(2) regulation to provide that 
notices may be sent to a revised Departmental mailing address or, in 
lieu of the previously furnished email address, pursuant to separate 
instructions provided by the Department. Such instructions will enable 
submission through a dedicated link on the Department's Web site, at 
www.dol.gov/ebsa/regs/feedisclosurefailurenotice.html. The amendment 
proposed by this notice is the same as the amendment contained in the 
direct final rule. Please refer to the preamble and regulatory text of 
the direct final rule for further information and the actual text of 
the amendment. Additionally, all information regarding Statutory and 
Executive Orders for this proposed rule can be found in the 
SUPPLEMENTARY INFORMATION section of the direct final rule.

    Signed at Washington, DC, this 2nd day of July 2012.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration, 
Department of Labor.
[FR Doc. 2012-17012 Filed 7-13-12; 8:45 am]