401(k) Fees Need More Transparency, Labor Dept. Says

Memo to 401(k) savings plan service providers: You’re ignoring the intent of Labor Department disclosure rules when you bury the expenses and fees for those plans in a mountain of paperwork, using language only legal experts can decipher. If investors don’t know or understand how much they’re paying in fees associated with different investment options, for example, how can they know if they’re overpaying for certain funds and limiting retirement balances from increasing more fully? Phyllis C. Borzi, the assistant secretary of …

Shutdown Delays Announcement of Social Security COLA

Wondering what next year’s cost-of-living adjustment for Social Security will be? Keep wondering. The Social Security Administration was scheduled to announce the annual COLA adjustment on Oct. 16, but it can’t do so because it won’t have an inflation report for September from the Labor Department. The Labor Department announced on Oct. 10 that it won’t be issuing the inflation report because of the government shutdown that went into effect on Oct. 1. Sign up for the AARP Money Matters …

New Jobs Report: Older Workers See Gains

Companies did more hiring than firing in October and older workers caught some of that action. A higher-than-expected 171,000 jobs were added to the economy last month as jobless levels for people 55 and older tapered off, according to the Bureau of Labor Statistics. The jobless rate fell to 6.1 percent in October from 6.4 percent the month before for men 55-plus. One year ago, the rate for this group was 7.2 percent. For older women, the unemployment rate edged …