I love YouTube. I think it’s fascinating that one site can house hundreds of thousands of videos that run the gamut between informative, funny, self-indulgent, strange, touching and educational.
And although it can’t compare to one of my favorite YouTube sensations, I have to commend AARP for producing a YouTube video that aims to teach employees about 401(k) fees and their impact on retirement plan balances.
While the production is pretty cheesy (the dancing retirees at the end is completely ridiculous) and the exact origin and necessity for some fees isn’t fully explained, I can appreciate the plain language AARP uses to communicate an aspect of benefits that’s especially difficult — yet equally important — for plan participants to grasp.
Helping 401(k) participants gain firm footing in understanding what plan fees mean to them will go a long way in preparing them for looming fee disclosures that they’ll soon be privy to.
Be sure to check out the June 15 EBN for a featured report on helping employees navigate the Department of Labor’s new fee disclosure rules. Meantime, share your thoughts in the comments about how your company is prepping participants for the increased information.
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