Under the Department of Labor’s 2012 final rule to improve transparency of fees and expenses to workers in 401(k)-type retirement plans, in addition to other plan-related information that must be disclosed, participants also must receive statements of actual charges or deductions.
Participants must receive statements, at least quarterly, showing:
- the dollar amount of the plan-related fees and expenses actually charged to or deducted from their individual accounts; and
- a description of the services for which the charge or deduction was made.
These specific disclosures may be included in quarterly benefit statements required under Section 105 of ERISA.
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