Employers required to provide more information about 401(k) plan fees

By Russ Wiles

The Arizona Republic

A few dollars here and there can really start to add up over time, which explains why millions of workers in Arizona and throughout the country are receiving new reports about their 401(k) investments.

Expanded federal disclosure guidelines are giving employees more insights about the fees and expenses they pay on workplace 401(k) retirement accounts, which count 72million participants nationally and rank among the biggest sources of money for a lot of Americans.

Until now, some of those costs have been obscured, making it difficult for workers to figure the drag on their portfolios. The new rules won’t clarify everything but are a step in the right direction.

Employers in recent weeks have started to mail out the first of these 401(k) cost statements, and the process will continue. That should give participants a better idea of the ongoing expenses charged by mutual funds and other investments commonly offered through the plans, along with other fees they pay.

Continued

If interested in discussing employment law matters, you can contact David Weissman, director of RLG’s Employment Law Department, dweissman@roselawgroup.com

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