Setting aside for a moment whether or not you think that is a good idea, whether or not you think it can be done in a fashion that makes sense to participants, or whether it can be done on a cost-effective basis, this week I asked readers how they thought participants would respond/react when retirement plan fees are disclosed.   

The results – as you might expect – were “interesting,” to say the least.   

First off, despite a great deal of angst in the industry, the vast majority of this week’s respondents – 75.9% - thought that participants wouldn’t even notice.  

Another 14.5% thought they would yawn, though 6.0% did think they would “panic,” 2.4% thought they would cry, and half that number thought they would “smile.”  

Of course, for some readers, it wasn’t a theoretical exercise:  

One noted, “We have 75 participants in our plan.  When we first began putting participant fees on their quarterly statements, 2 employees noticed.  I was astonished.  I thought at least 50% would notice it and comment but only 2 did.”  Another said, “No angst, we already disclose the fees and get very little feedback from the participants.  If they are concerned about the fees, they can choose an investment option with lower fees."  

But, as usual, the verbatims proved to be the most insightful: