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Labor Dept. Releases New 401k Fee Disclosure Rules(72 Million Enrolled in 401(k)'s)
KAALTV.com ^ | 10/14/2010 | Associated Press

Posted on 10/14/2010 10:29:26 AM PDT by Son House

Department of Labor says it will require companies providing 401(k) accounts to lay out all the fees and other charges in plain language beginning Jan. 1, 2012. The new regulations, announced by Secretary of Labor Hilda Solis, will affect about 483,000 retirement plans. She said the 72 million workers enrolled in 401(k) plans will now have the detailed information they need to do easy comparisons of the costs of their investment choices in their plan.

Companies must begin to lay out the administrative expenses, including accounting and recordkeeping fees, and the charges that apply to the individual choices a worker makes, such as fees charged for loans.

The charges for administrative expenses must be laid out in the quarterly reports workers receive and on a website.

(Excerpt) Read more at kaaltv.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 401k; disclosure; labor; rules
If 72 million workers would chooose to have a 401(k) plans, what could be wrong about privatizing part of Social Security so young workers don't get ripped off 2.5 Trillion in IOU's? Got cost of living increase?
1 posted on 10/14/2010 10:29:30 AM PDT by Son House
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To: Son House

Don’t give them any info. They just want to know our 401K data to preempt their confiscation.


2 posted on 10/14/2010 10:34:31 AM PDT by raisincane (Dims think we're all oblivious to the obvious)
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To: Son House

Setting up for seizing our money.

Feel stupid for playing by the rules yet?


3 posted on 10/14/2010 10:38:59 AM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: raisincane

With a pseudo Keynesian Stimulus bill, a Health care bill that doesn’t satisfy the single payer requirement they really wanted, we’ve got to be concerned with every word of new regulations, whether it’s a Secretary like Hilda Solis, a Czar, or any legislation from Democrats.


4 posted on 10/14/2010 10:41:03 AM PDT by Son House (Democrats Starve The Private Sector, Yet Expect The Economy To Grow. The Recovery to Nowhere!)
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To: Tzimisce

Reminded of a typical know-it-all, votes Democrat swearing Republicans suck, now claims all politicians are crooks. I’m trying to explain the TEA party purging RINO’s into that thick skull, but they wish to cling to the illusion they made an informed choice voting for a Democrat in the first place.


5 posted on 10/14/2010 10:45:34 AM PDT by Son House (Democrats Starve The Private Sector, Yet Expect The Economy To Grow. The Recovery to Nowhere!)
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