Fee Disclosure to Pension Participants: Establishing Minimum Requirements
Every year pension participants pay billions of dollars in fees. They need information concerning fees to make informed decisions about the services they are purchasing...This analysis of fee disclosure takes into account insights from behavioral economics in assessing the usefulness of different approaches...The report proposes a model fee disclosure. It creates a score card assessing the current fee disclosure in six countries: Australia, Canada, Chile, Sweden, the United Kingdom, and the United States.
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Did You Know?
A 401(k) plan is a retirement savings plan in which the benefit is based on contributions to an individual account and the investment return on those contributions. Typically, employees make contributions to the plan and, in many cases, employers match the employees' contributions. These plans are called defined contribution plans. In most 401(k) and other retirement savings plans, the employee is responsible for choosing among the investments offered by the plan. Other types of retirement savings plans are 403(b) and 457 plans.