Last week the Government Accountability Office published a report regarding participant understanding of plan fees—and some suggestions to improve that situation. This week, we’d like to know what you think—and make—of their recommendations.
In the report, Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them, the Government Accountability Office (GAO) states that almost 40% of 401(k) plan participants do not fully understand and have difficulty using the fee information that the Department of Labor (DOL) requires plans to provide to participants in fee disclosures. To arrive at that conclusion, GAO assessed participants’ understanding of samples from several large plans’ fee disclosures (largely mutual fund fee type disclosures) and other information about fees, and asked general knowledge questions about fees.
To close that “gap,” the GAO made a series of five recommendations—we’d like to know what you think of those ideas, whether you think they will have an impact—and what you make of the Labor Department’s response.
Reply to this week’s NAPA-Net Reader Poll at https://www.research.net/r/G5YFVHP
And we’ll sort it all out for you by Friday, of course!
