“Understanding Plan Fees” provides information and tools to help plan participants and plan sponsors understand their retirement plan fees, the services they pay for and the value the different service providers bring to the table.
The website includes a host of tools and educational resources, including: high-level information on the new fee disclosure rules; descriptions of various service providers and specialists associated with the administration of 401(k) plans and what they do; interactive annotated statements and comparative charts to help participants understand and better comprehend the information they will receive; definitions of key terms plan sponsors and participants will need to know; and general retirement planning education and tips.
“Simply providing a statement without any explanation has the potential to confuse and frustrate plan participants,” said Jason Frain, Vice President, 401(k) Product Management and Development, Retirement Solutions. “Guardian’s website educates the consumer by providing information on not only the fees they are paying but the services and value that different players involved in administering a 401(k) provide.”
The website is here.