On July 24, SHRM and 11 other organizations representing employer sponsors of defined contribution retirement plans submitted joint recommendations on fee disclosure requirements to the U.S. Department of Labor (DOL).
DOL is currently reviewing the rules on the disclosure of fee and expense information to participants in 401(k) plans, and has asked for public comments. SHRM and the other organizations recommended that:
- Fee information be disclosed together with other key information;
- Any new fee disclosure requirements apply to all participant-directed individual account retirement plans subject to the Employment Retirement Income Security Act (ERISA); and
- The costs of new disclosure requirements are considered on both plan sponsors and plan providers.
To view a copy of the joint recommendations, click HERE.