Guardian Retirement Solutions has gotten on the 401(k) fee disclosure bandwagon with a new site offering information to both plan sponsors and participants, timely as the first wave of fee disclosure regulations went into effect on the weekend.
The new Understanding Plan Fees site has been designed to help participants and sponsors understand their retirement plan fees, the services they pay for and the value the different service providers bring to the table.
The site is also open to the public, as well as advisors and retirement planners working for any company.
"Simply providing a statement without any explanation has the potential to confuse and frustrate plan participants," said Jason Frain, vice president of 401(k) product managment and development, with Guardian's retirement division.
"At the end of the day, it's important for sponsors and participants to understand who is working on their behalf to ensure they have a tax-deferred benefit to save for retirement."
Tools and educational resources included as part of the site include:
- High-level information on the new fee disclosure rules
- Descriptions of the various service providers and specialists associated with the administration of 401(k) plans and what they do.
- Interactive annotated statements and comparative charts to help participants understand and better comprehend the information they will receive
- Definitions of key terms plan sponsors and participants will need to know.
- General retirement planning education and tips.