401(k) Fees No Longer Hidden (But Prepare to Be Shocked)

Are we getting suckered by 401(k) fees that are driving down our retirement savings? We’re about to find out. And the answer could be ugly. Beginning July 1, government rules go into effect that require service providers to clearly disclose for the first time the fees they charge to administer our 401(k) plans. We may not get the statements detailing those fees until August, however. Industry experts say that most of the 72 million 401(k) participants will be stunned because …

401(k) Fee Rules Changes Coming This Summer

Workers will be able to learn how much the fees for their 401(k) plans are draining from their accounts when new disclosure rules go into effect this summer. Beginning July 1, financial institutions that administer employer-sponsored defined contribution and pension plans will be required to disclose the fees and administrative costs they charge in a user-friendly format. The rules were initially scheduled to take effect this month but the U.S. Department of Labor delayed implementation from April to July to give …