Does your company offer a 401(k) retirement savings plan?
New Department of Labor rules took effect in August requiring 401(k) plan providers to comply with the more robust reporting requirements beginning this fall. The new reports must disclose the total annual percentage cost of each mutual fund to which an employee is invested as a cost per $1,000 figure. In addition to reporting the dollar value of fees charged to employees each year, the new reports also must disclose any other fees charged against the individual account. This may include fees for record keeping, administration, investment advice, and brokerage and management services. By adding the annual percentage cost of each investment and the additional fees, an employee will be able to determine what it is costing him or her to be invested in the 401(k) plan.
For more information about the new reporting requirements for 401(k) plans, read Professional Roofing's September feature "Saving for your savings."
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