The U.S. Department of Labor’s Employee Benefits Security Administration is offering a new 401(k) fee disclosure website for consumers. The new site, http://www.dol.gov/ebsa/publications/understandingretirementfees.html, offers information on disclosures that, for the first time, will help workers with 401(k)-type retirement plans see what they are paying to invest their savings. It also includes new tips and tools on making smart retirement investment decisions.
"Workers deserve to know how much they are paying for their retirement investments. These disclosures will help workers get the most for their money when it comes to their 401(k)-type retirement plans," said Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi. "Fees can eat away at retirement savings. Access to good information can lead to an increase of tens — even hundreds-of-thousands of dollars — in retirement savings over the course of a career."