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.