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 defined benefit plan is a pension plan, usually funded entirely by employer contributions, that pays benefits according to a formula. The formula is typically based on the participant's wages or salary and length of time spent working for an employer or group of employers. Defined benefit plans are also known as traditional or guaranteed pensions.