EBSA Launches 401(k) Retirement Savings Fee Disclosure Website

Your 401(k) has retirement savings plan been costing you money.

Would she be smiling if she knew how much in fees are on her 401(k) retirement savings plan?

Would she be smiling if she knew how much in fees are on her 401(k) retirement savings plan?

How much? Until now it was difficult, if not impossible to tell for sure.

Now, for the first time, you can find out exactly how much you are paying for 401(k) plan.

The U.S. Department of Labor’s Employee Benefits Security Administration has announced a new 401(k) fee disclosure website as a resource for consumers.

The new site is located at http://www.dol.gov/ebsa/publications/understandingretirementfees.html.

Retirement Savings Fee Information

The site offers information on disclosures that, for the first time, will help workers with 401(k)-type retirement plans see how much they are paying to invest their savings.

It also includes new tips and tools on making smart retirement investment decisions.

“Workers deserve to know how much they are paying for their retirement investments,” said Phyllis C. Borzi,

Phyllis C. Borzi

Phyllis C. Borzi

Assistant Secretary of Labor for Employee Benefits Security. “These disclosures will help workers get the most for their money when it comes to their 401(k)-type retirement plans.”

“Fees can eat away at retirement savings,” Borzi said. “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.”

As a result of a rule published by EBSA, 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% more in fees can lead to a 28% decrease in a 401(k) account balance during the course of a career.

The launch of the new website follows a webinar offering advice on how to utilize the new disclosures. Gene Sperling, director of the National Economic Council and assistant to the president for economic policy; Hilda L. Solis, secretary of labor; and Borzi took part in the webinar.

A recording of the webinar is available at http://s.dol.gov/WM.

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).


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