The U.S. Department of Labor's Employee Benefits Security Administration has asked for comments on a proposed rule that would require pension plan service providers to furnish employers and other plan fiduciaries with a guide to assist them in navigating fee disclosure documents.
In 2012, the DOL published a final rule requiring companies that provide services to employer-sponsored defined contribution plans, like 401(k)s, disclose information about the compensation they receive, including payments from third parties.
And while most companies have complied with the request, they don't necessarily make it easy for providers or plan participants to understand what they are paying in fees. Many times the fee disclosures come in the form of lengthy documents or the information is spread out over multiple documents.
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