{"id":5742,"date":"2021-09-07T08:09:55","date_gmt":"2021-09-07T12:09:55","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5742"},"modified":"2021-09-07T08:09:55","modified_gmt":"2021-09-07T12:09:55","slug":"40-of-plan-participants-dont-know-what-their-fees-are-most-of-the-other-60-also-have-no-clue","status":"publish","type":"post","link":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5742","title":{"rendered":"40% of plan participants don\u2019t know what their fees are, most of the other 60% also have no clue"},"content":{"rendered":"\n<p>According to the Government Accountability Office (GAO), about 40% of 401(k) plan participants don\u2019t fully understand the fees they are paying.<\/p>\n\n\n\n<p>Even with fee disclosure rules implemented in 2012, 41% of participants incorrectly believe that they pay nothing for their 401(k) plan.<\/p>\n\n\n\n<figure><iframe width=\"728\" height=\"90\"><\/iframe><\/figure>\n\n\n\n<p>GAO found that 45% of participants are not able to use the information in fee disclosures to determine the cost of their investment fee.<\/p>\n\n\n\n<p>The GAO has recommended that the DOL&nbsp; should add information to disclosure requirements, like individualized quarterly statements to show the actual cost of the investment fees; fee benchmarks to help participants better gauge if their investment costs are competitive; and investment options\u2019 ticker information, to help participants more easily research and compare their investments.&nbsp; To this day, I think one of the most glaring problems is the lack of uniformity in disclosures. I always felt that the DOL dropped the ball by not offering suggested language and formats in the fee disclosure.<\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>According to the Government Accountability Office (GAO), about 40% of 401(k) plan participants don\u2019t fully understand the fees they are paying. Even with fee disclosure rules implemented in 2012, 41% of participants incorrectly believe that they pay nothing for their &hellip; <a href=\"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5742\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5742"}],"collection":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5742"}],"version-history":[{"count":1,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5742\/revisions"}],"predecessor-version":[{"id":5743,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5742\/revisions\/5743"}],"wp:attachment":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5742"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}