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Department of Labor Participant Fee Disclosure 404(a)(5)
for Profit-Sharing and 401(k) Plans

Recently, the Department of Labor has the issued final regulation that requires plan sponsors (employers) who offer a 401k and/or a profit-sharing plan, to provide in-depth annual and quarterly fee disclosures to every participant in your plan. This information is intended to help participants make informed decisions regarding their investment selections.

Disclosure Resource on Penn Mutual Products

Start by selecting the name of the product you have at Penn Mutual. It will link you to a Participant Fee Disclosure Resource Sheet where you will find information on the product and a list of other resources that you can access.

Learn about 404(a)(5)

  • What Must the Disclosures Provide?

    These disclosures must include plan-related information and investment information in a chart that makes it easy for participants to compare the various investment options offered in the plan.

  • By When Must Disclosures be Provided?

    The effective date for most plans is August 30, 2012. The annual disclosure must be provided at least once in any 12-month period. The quarterly disclosure must be provided at least once in any three-month period.

  • What Is the Plan Sponsor (Employer’s) Responsibility?

    As a plan sponsor, you are responsible for creating the participant disclosures. You may want to check with your third-party administrator or another party to assist you in creating and maintaining your plan’s disclosures.


On July 22, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin 2013-02 (the Bulletin), which provides temporary relief for many plans facing the August 2013 deadline to deliver annual disclosures to participants in participant-directed individual account plans. Under the Bulletin, plans will now have the opportunity to delay the distribution of the disclosures and include them with other recurring notices and disclosures that typically are distributed later in the year.

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