After the recession brought on a host of lawsuits by employees who felt their employer didn't do enough to educate them on the fees and costs associated with their retirement plans, we can all probably agree the new fee disclosure legislation provides some added security for plan sponsors.
On the other hand, there are some challenges. It will require work from plan sponsors as they will be responsible for rolling out the information in any plan communication to employees by Aug. 30, and calling awareness to the fees being charged to employees in the plan might not make for better employee morale.
Still, HR and benefits managers can use the fee disclosers as an opportunity to educate their employees about the importance of their decisions regarding retirement, rather than simply informing them about what they're paying in their plan.
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