401(k) participants don't try to understand disclosures
A high percentage of defined contribution plan participants only spend about five minutes reading disclosures they receive from financial companies.
By Paula Aven Gladych|August 08, 2012 at 09:59 AM
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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.
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