If you have any 401(k) secrets you haven’t disclosed to participants, spill them now. Following up on Department of Labor’s recently released ERISA Section 408(b)(2) interim final regulation on fee disclosures by 401(k) service providers, DOL now is seeking disclosures on target-date funds offered in 401(k) plans, EBN sister title Money Management Executive reports.
Under a proposal from the Employee Benefits Security Administration, plan sponsors would have to disclose the fund’s asset allocation; how that allocation changes over time, with a graphic illustration; the significance of the investment’s target date and a statement that the investment has the risk of losing money, even close to retirement.
