Plan sponsors were required to send out more detailed fee disclosure notices with their quarterly statements by Nov. 14, but many retirement industry experts don't believe the quarterly statements will have much of an impact.
As part of participant-level fee disclosure, employers were expected to break out the actual dollars and cents participants pay for services in their defined contribution plans. Many companies, like Fidelity, who released their disclosures ahead of the deadline, have been surprised by the lack of phone calls from participants relating to the disclosures. Many in the industry thought that the third quarter disclosure notices would elicit more phone calls, but so far that hasn't been the case.
"It was a big to-do about nothing. We didn't get mass feedback from people [fearing they had paid too much]," said Bob Kaplan, vice president, national training consultant for ING. "Most people don't care what the fee is until it is real."
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