Each Monday 401kBasics posts a new tip as a part of our series “Plan Sponsor Quick Tips”. This series is designed to assist plan sponsors in filling their fiduciary role and running their retirement plan efficiently. Your feedback or suggestions on future articles is welcome.
Earlier this year the DOL published a rule that will provide employers that sponsor 401(k) plans with information about the costs associated with such plans. Service providers will be obligated to provide this information to plan fiduciaries. Below are a few resources surrounding the fee disclosure topic:
- EBSA – DOL issues guidance on retirement plan fee disclosure rules.
- Videos – Business & Legal Resources, BLR has put out 3 videos on their YouTube channel on what you need to know about the fee disclosure requirements.
- Service providers – Many have launched web portals to help plan sponsors and participants understand their fees. Principal Financial Group has been on the forefront with this one.
The Internet has a wealth of information on the topic, available to you via a quick search. Service providers are currently working on furnishing their plans with fee information, hence when in doubt, please contact them.
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