When the Department of Labor required plan sponsors to understand what financial fees they're paying and make fee disclosure information clearer to plan participants, many groups expected a flood of questions and a stampede of assets from expensive plans to cheaper ones. However, advisors, TPAs and plan sponsors agree: For participants it was a non-event.
"We have to go through all these extra hoops, but how many are paying attention?" asks Brian Smith, director of sales and consulting at the Tegrit Group in Columbus, Ohio. "We thought there would be a storm of people firing providers for high fees, and nothing's happened."
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