Thanks to a new website from the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), for the first time, workers with 401(k)-type retirement plans will be able to track what they are paying in fees to invest their savings.
The new site, Understanding Retirement Fees, also includes new tips and tools on making smart retirement investment decisions.
Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi says:
Workers deserve to know how much they are paying for their retirement investments. These disclosures will help workers get the most for their money when it comes to their 401(k)-type retirement plans….Fees can eat away at retirement savings. Access to good information can lead to an increase of tens—even hundreds of thousands of dollars—in retirement savings over the course of a career.
Workers in employer-sponsored health and retirement benefit plans who have questions about benefits laws can contact an EBSA benefits adviser at www.askebsa.dol.gov or by calling 866-444-EBSA (3272).