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November 22, 2010
Final Rule Affecting 401(k)-Type Retirement Plans

Fiduciaries of 401(k)-type retirement plans must provide workers with quarterly statements of plan fees and expenses deducted from their accounts, under a final rule announced by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA).

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The final rule also states that plan fiduciaries must give workers core information about available investments, including:

  • Tell the cost of such investments
  • Use standard methodologies when calculating and disclosing expense and return information to achieve uniformity across the spectrum of investments that exist in plans
  • Present the information in a format that makes it easier for workers to comparison shop among the plan’s investment options
  • Give workers access to supplemental investment information in addition to basic required information

“This rule will ensure that all workers who direct their plan investments have access to the information they need to make informed decisions regarding the investment of their retirement savings, including fee and expense information,” EBSA explained in a statement.

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