The new Department of Labor 401(k) fee disclosure rules that go into effect on April 1 will radically shake up the industry, according to Tom Gonnella, senior vice president of corporate development at Lincoln Trust, who gave six predictions for the defined contribution industry in 2012.
“The sound of all those envelopes being torn open — and the collective gasps, screams and confusion likely to ensue, as plan sponsors and participants see the true cost of their retirement investments spelled out in black-and-white for the first time — will echo throughout the financial services industry,” Gonnella says.
