Although defined contribution plan participants should receive fee disclosures from their plan sponsors by Aug. 30, a new study by LIMRA shows that the vast majority of those people only spend about five minutes looking at them and most just skim them to "see if they reveal something 'important.'"
One in five people said they rarely or never read disclosures that are sent to them.
In "Consumers' Retirement Perspectives" for the third quarter of 2012, LIMRA found that men are more likely than women to read disclosures and younger participants are slightly more likely than older participants to read them.
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