{"id":5758,"date":"2021-09-14T08:35:29","date_gmt":"2021-09-14T12:35:29","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5758"},"modified":"2021-09-14T08:35:29","modified_gmt":"2021-09-14T12:35:29","slug":"dol-has-always-dropped-the-ball-on-disclosure","status":"publish","type":"post","link":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5758","title":{"rendered":"DOL has always dropped the ball on disclosure"},"content":{"rendered":"\n<p>The Government Accountability Office (GAO) has found that 45% of plan participants are not able to use the information given in fee disclosures to determine the cost of their investment fee, and 41% of participants incorrectly believe that they pay nothing in 401(k) plan fees.<\/p>\n\n\n\n<p>The GAO\u2019s view is something we could have predicted back in 2012 when the Department of Labor (DOL) didn\u2019t offer a sample set of disclosures notices for plan participants. I understand the difficulty of the DOL to offer sample notices when there are just so many fees out there, especially on the third-party administrator side. Fee disclosures, in my opinion, should not be as long as the Torah portion for my Bar Mitzvah. In my opinion, they should be a summary of a page that describes to participants what the fees are.<\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The Government Accountability Office (GAO) has found that 45% of plan participants are not able to use the information given in fee disclosures to determine the cost of their investment fee, and 41% of participants incorrectly believe that they pay &hellip; <a href=\"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5758\">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\/5758"}],"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=5758"}],"version-history":[{"count":1,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5758\/revisions"}],"predecessor-version":[{"id":5759,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5758\/revisions\/5759"}],"wp:attachment":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5758"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}