According to a News Release, dated September 19, 2012, the Employee Benefits Security Administration (the “EBSA”) has now made available a new 401(k) fee disclosure website as a resource for consumers. The new site, found at http://www.dol.gov/ebsa/publications/understandingretirementfees.html, offers information on disclosures that, for the first time, will help workers with 401(k)-type retirement plans see what they are paying to invest their savings. It also includes new tips and tools on making smart retirement investment decisions.
The News Release says that, as a result of a rule published by EBSA (specifically, the new participant fee disclosure regs), workers investing in 401(k)-type plans began receiving fee disclosures from their employers this summer, marking the first time that employers have been required to provide this information. Research has shown that paying just 1 percent more in fees can lead to a 28 percent decrease in a 401(k) account balance over the course of a career. Workers in employer-sponsored health and retirement benefit plans who have questions about benefits laws can contact an EBSA benefits advisor at http://www.askebsa.dol.gov or by calling 866-444-EBSA (3272).