With these new rules, the government has agreed to be more clear and simple. One change will be that people will easily be able to see all fees in a single number.
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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.
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It's my money. Get your blankity-blank hands off it, congress and president. I should be free to use it as I see fit - anytime, anyway without you taking what you call a 'penalty'! It doesn't belong to banks, brokers or investment More..
"With these new rules, the government has agreed to be more clear and simple."
That should read that the government is forcing your investment bank to be more clear and simple. Silly conservatives - the government doesn't run More..
Screwdriver, the government sets the rules, such as A) can only invest a bare minimum of ~2500 (or whatever the min is now); B) can't withdraw it without penalty until your 59.5 years old (with a few exceptions) and many other rules. Those are More..