The U.S. Department of Labor has issued new rules on disclosing 401(k) and retirement plan fees. The first part is designed to provide employers with information on what they pay for investment options and services. The second part will require employers to provide employees with fee details on their retirement accounts.
The new rules will “enhance disclosure to fiduciaries of 401(k) and other retirement plans. The rill will assist fiduciaries in determining both the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider’s performance under a service contract or arrangement.”
These new rules will go into effect one year from now, on July 16, 2011. For more information visit the links provided below.