The July 1 401(k) plan fee disclosure deadline came and went without a splash and industry experts predict that participant disclosures will be even more uneventful.
Plan sponsors are still sorting out the fee disclosure information they received as part of the 408(b)(2) disclosure regulations, said David Wray, president of the Plan Sponsor Council of America. Larger plan sponsors already knew this information, but smaller plan sponsors did not, so they are still sifting through everything they received, he said.
"I think we need to watch and see if there are a lot of RFPs. We anticipated a lot of small companies would shop their plans, but we haven't gotten evidence of that yet. It's too quick. Probably later this fall. People have to think about it. It is a big thing to change providers, even for a small company. It's a big project and a lot of work to make changes on the plan sponsor side," he said. "Our anticipation is that in the smaller plan world, there will be a number of RFPs that come out of this."
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