Friend of our firm Eric Berls and his company Berls Asset Management in conjunction with the Principal Financial Group's Retirement Plan Team will be hosting a webinar regarding the new Fee Disclosure laws that go into effect for retirement plans such as 401(k)s later this summer.
Section 508(b)(2) of the Employee Retirement Income Security Act or ERISA was to go into effect July 2012 however may be delayed to later this summer. When it goes into effect, it requires employers to understand what each service provider (advisor, administrator, record keeper) is charging them and their employees participating in the plan get a detailed report on exactly how much it is costing each of them in percentage and actual dollar costs to participate.
While this change has been coming for some time, it is not well known or understood by companies who sponsor plans for their retirees. If studies are correct and the vast majority of employees think they pay nothing for their retirement assets they are going to get a wakeup call in the coming months and turn to their employers looking for answers.
If you are in any way involved with your companies retirement plan, this webinar is likely to be helpful. Knowing the answers may help avoid some of the drama created when individual employees become aware of where their retirement savings go. The webinar is free for KCA clients and recipients of the newsletter if you click the link below.