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Friday, October 15, 2010|
401k Fee Disclosure Part Two Arrives
Fundsters have yet another place where they have to disclose fees: to retirement plan participants. Yesterday, Secretary of Labor Hilda Solis and Assistant Secretary of Labor Phyllis Borzi revealed the new rules laying out how 401(k) plan administrators must disclose plan and investment fees to individual 401(k) participants. (Earlier this summer, the DoL unveiled similar rules governing service provider disclosures to 401(k) plan sponsors.)
The Wall Street Journal reported on the news, as did the Associated Press.
Fundsters looking for more details on the new regs should read coverage on our sister publication, The 401kWire (see The 401kWire, 10/14/2010). For mutual fund firms working in the defined contribution investment-only business, the new investment fee disclosure part of the regs may not be too big of a deal, as the percentage and dollars-per-thousand-dollars-invested required format for investment fee disclosures is already used inside fund prospectuses (though not necessarily in existing disclosure for other, non-mutual investments often used inside 401(k)s, like collective funds, insurance products and separate accounts).
Printed from: MFWire.com/story.asp?s=33730
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