The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) is implementing a new disclosure rule effective July 1, 2012, regarding the fees associated with 401(k)-type investment plans.

The final rule will require plan fiduciaries to release in both printed form and in Web format the costs associated with these retirement plans, including the commissions and/or fees collected by the administrators and others.

The final rule notes:

While workers in these plans are responsible for making their own investment decisions, current law does not adequately ensure that all workers are given the information they need or ensure that information, when provided, is furnished in a format useful to workers, particularly information on investment choices including associated fees and expenses.

Plan administrators must disclose on a quarterly basis to each participant and/or beneficiary a statement "showing the dollar amount of the plan-related fees and expenses (whether 'administrative' or 'individual') actually charged to or deducted from their individual accounts, along with a description of the services for which the charge or deduction was made."

In addition, plan administrators must provide general plan information detailing "a current list of the plan's investment options," along with an explanation of administrative and individual expenses that may be deducted (to be followed up by quarterly statements of actual deductions).