EBSA launches 401(k) fee disclosure resource website

The Employee Benefits Security Administration (EBSA) has announced the launch of a new 401(k) fee disclosure website as a resource for consumers. The new site, http://www.dol.gov/ebsa/publications/understandingretirementfees.html, offers information on disclosures that is designed to help employees with 401(k)-type retirement plans see what they are paying to invest their savings. It also includes new tips and tools on making retirement investment decisions.

“Workers deserve to know how much they are paying for their retirement investments. These disclosures will help workers get the most for their money when it comes to their 401(k)-type retirement plans,” said Phyllis C. Borzi, Assistant Secretary of Labor for EBSA. “Fees can eat away at retirement savings. Access to good information can lead to an increase of tens – even hundreds-of-thousands of dollars – in retirement savings over the course of a career,” she added.

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).

Source: EBSA News Release No. 12-1868-NAT, September 19, 2012.

For more information, visit http://www.wolterskluwerlb.com/rbcs.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer’s Benefits Reports.

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