The Spark Institute is asking the Department of Labor to coordinate the fee disclosure requirements under the proposed Form 5500 revisions with the pending 408(b)(2) regulations.
In a comment letter filed Tuesday, the lobby group said fee disclosure provisions should be considered together in order to prevent inconsistencies.
Also, Spark called on the department to push back the compliance deadline with respect to Schedule C requirements to the 2009 reporting period. The institute pointed out that its members are under a lot of pressure to accommodate changes under the 408((b)(2) guidance and Rule 22c-2, among others.
"The proposed revisions to Form 5500 only serve to compound these demands and overextend already thinly stretched resources," said Larry Goldbrum, general counsel of The Spark Institute, in a statement.
The institute likewise asked the DoL to expand and clarify the use of estimates on Schedule C regarding float and transaction based compensation such as brokerage commissions and fees.
Stay ahead of the news ... Sign up for our email alerts now