In upcoming weeks, 70 million 401(k) owners will receive a notice in the mail explaining fees and expenses under new rules from the U.S. Department of Labor, according to U.S. News.
Of the 401(k) sponsors, 90 percent don't know how much they're paying in fees for their employees' funds, the article reported about a federal study.
With these new rules, the government has agreed to be more clear and simple. For those unclear with rules, a mandatory website is available to help explain the terms and a person to contact with further questions, according to the article.
One change is that people will easily be able to see the all fees they’re being charged because it will be found in a single number. These fees include all administrative costs such as legal, accounting and record keeping service, according to the article.
- Insights from the Behavioral Science Guy:...
- Dave Ramsey says: Dave Ramsey: Pets and...
- David Muir takes over ABC's 'World News' from...
- About Utah: A Salt Lake hit for 152 years ......
- No timeline announced yet for Cottonwood Mall...
- Some fear auto industry returning to bad habits
- Kennecott hopes project will change mountain...
- Netflix unveils new way to share recommendations
- 10 things to know about corporate... 32
- Kennecott hopes project will change... 7
- State lawmaker calling for criminal... 5
- Applications for US unemployment aid... 4
- Some fear auto industry returning to... 3
- Feds eye stricter rules for railroad... 2
- Obama promoting economic gains as... 2
- No timeline announced yet for... 2