It's not as sexy as employee lawsuits and it doesn't grab as many headlines as health reform, but retirement planning's about to get a little more interesting for employers – and their benefits managers.
As you're probably already aware, with the rising dawn of July 1, a Dept. of Labor reg kicks in that compels 401(k) providers have to clear up their standard fee disclosures. Subsequently, employers will then be forced to pass that information along to plan participants by the end of August.
This is no small feat. We're talking about roughly $4 trillion worth of assets spread across 67 million 401(k) plans across the country, according to the latest numbers from ASPPA.
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