If you need help figuring out new Department of Labor rules for 401(k)s, you're certainly not alone. The department's highly publicized Rule 408(b)2, which dictates fee-transparency and was instituted over the summer, is now in full swing. Assisting curious clients about the true costs of their retirement plan can be time consuming, and there's always the possibility of getting it wrong.
Open architecture 401(k) provider Lincoln Trust Company introduced its Personalized Expense Ratio Calculator on Tuesday, an online tool that helps participants in any 401(k) plan determine what they're really paying for the privilege of saving.
"We've taken a report that we previously provided our clients and now allow outside parties to plug in the same type of information to get an idea of what they're paying for their plan," said Tom Gonnella, executive vice president of Lincoln Trust. "It should be pretty powerful information for them."
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