The Retirement Advisor Council said Monday it has suggested to the Department of Labor that the agency survey 401(k) plans of all sizes in its effort to evaluate the effectiveness of disclosure requirements.
The 408(b)(2) regulation, issued by the Employee Benefits Security Administration in 2012, requires 401(k) plan administrators to fully disclose their fees in a way that makes it easier for plan sponsors to understand what they are paying for.
Noting that the DOL's initiative is limited to small pension plans with fewer than 100 participants, the council said, "Conclusions from this study will impact plan sponsors across size bands. For this reason, we recommend the universe studied be expanded to cover the entire spectrum affected by regulation 408(b)(2)."
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