Retire Smart: New disclosure rules to pull back the veil on 401(k) fees
By Jill Schlesinger
Tribune Media Services
How much does your 401(k) plan cost you? For many retirement plan participants, the answer has been elusive, until now. The U.S. Labor Department has finally said enough is enough and will impose rules beginning on July 1 that will require 401(k) administrators, like mutual funds and insurance companies, to disclose the fees they are charging to run retirement plans. This is good news for the three-decades-old 401(k) plan, which now accounts for $4.3 trillion of retirement savings.