In the wake of a spate of high-profile employee class action lawsuits on excessive 401(k) fees, the Employee Benefits Security Administration (EBSA) has jumped into the fray with the publishing of a final rule of the transparency of fees and expenses associated with 401-(k)-type retirement plans.
Plan administrators will now have to provide detailed, plain-language breakouts of all fees and expenses associated with 401(k) and similar retirement accounts.
"This rule provides uniform disclosure to workers about what they pay for investment options in their retirement plans," said Secretary of Labor Hilda L. Solis. "For the first time, workers will have at their fingertips important and accessible investment-related information to comparison shop among the plan options available to them."
This and other important human resource management information is contained in each issue of Personnel Concepts’ Benefits Law Quarterly newsletter, which you can obtaining by purchasing our HIPAA Compliance Poster Subscription and Newsletter.