How to interpret 401(k) disclosure laws
Each plan must provide plan sponsors and their fiduciaries a 408(b)2 document, also known as a fee-disclosure report. Many studies have revealed that the majority of plan participants feel they are not paying any fees to participate in their 401(k) plan. Plan participants must now receive a 404(a)5 fee-disclosure, which usually is incorporated into their quarterly statements. Unfortunately, most plan sponsors and participants do not know what to do once they receive these…
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