People who didn’t sponsor a plan or weren’t involved in the retirement plan industry before 2012, think some 401(k) industry veterans like myself, are part of some multiverse when we talk about life before fee disclosure. The fee disclosure regulations implemented by the Department of Labor (DOL) in 2012 was a game changer in the retirement plan in- dustry. The big winners were plan partici- pants who played less in fees, plan provid- ers who believed in fee transparency, and plan sponsors who could exercise their fiduciary duty to pay only reasonable plan expenses. The los- ers were the chicken littles who predicted gloom and doom and plan providers who didn’t want plan sponsors to know how much their plan was being charged.
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