The Associated Press reported important news for workers today, “Quarterly 401(k) statements are going to start offering more guidance about exactly where your money is going.” Yesterday, the Department of Labor unveiled a rule that will require 401 (k) accounts to disclose all fees taken from the account’s value – in plain language.
In response to the new Department of Labor rule, Chairman Miller stated:
Chairman Miller has fought for 401 (k) fee disclosure for years. Miller authored the 401(k) Fair Disclosure and Pension Security Act in 2009, and pushed for fee disclosure provisions to be included in similar Senate legislation.
USA Today underscored the importance of the new rule:
In response to the new Department of Labor rule, Chairman Miller stated:
“I am pleased that the Department of Labor has taken another step to expose hidden fees contained in America’s 401(k) plans. While families are making difficult choices to put something away for their retirement, it is essential that they know how fees may be eating away at their savings and potentially delaying their retirement plans.”
Chairman Miller has fought for 401 (k) fee disclosure for years. Miller authored the 401(k) Fair Disclosure and Pension Security Act in 2009, and pushed for fee disclosure provisions to be included in similar Senate legislation.
USA Today underscored the importance of the new rule:
“Until now, even if workers were given abundant retirement plan investment information they did not always receive it in a user-friendly format. The new rule for 401(k)-type retirement plans will provide workers with tools to easily match up one investment option with another.”
