Nov. 14 fee disclosure deadline hits plan sponsors
The newest participant-level fee disclosure notices will still elicit no response from participants, experts say, though next year might bring stronger reactions.
By Paula Aven Gladych|November 14, 2012 at 09:07 AM
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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.
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