Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Products September 23, 2011
Groups Partner to Develop 403(b) Fee Disclosure Solution
September 23, 2011 (PLANSPONSOR.com) - The National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA) have announced the formation of an industry taskforce to create a model disclosure form that will give 403(b) participants in the K-12 marketplace the ability to make apples to apples comparisons between their 403(b) retirement plan options.
Reported by Rebecca Moore
Partners include the Association of School Business Officials, International (ASBO INTL), the National Education Association (NEA), and NTSAA members with diversity of industry experience. The model disclosure form will provide public school employees with simple and clear information about the services and fees associated with their retirement plan options.
The taskforce will soon release a 403(b) comparison tool featuring the types of plan services, the level or type of provider assistance or advice, and disclosure of fees and expenses.
“The opportunity to invest in 403(b)’s is an important benefit to school district employees. As ASBO’s representative to the 403(b) Transparency Task Force, I am focused on best practices that will simplify and standardize investment provider information for school districts and their employees,” said Melody Douglas, SFO and past president of ASBO, in the announcement.