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Open Recommendations (5 total)

401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them

GAO-21-357
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5 Open Recommendations
Agency Affected Recommendation Status
Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that participant fee disclosures for participant-directed individual retirement accounts include ticker information for in-plan investment options, when available. (Recommendation 5)
Open
As of September 2023, DOL told us that all recommendations in this report will be considered in connection with implementing SECURE 2.0. On August 11, 2023, EBSA published a Request for Information to solicit public feedback on a number of provisions of the SECURE 2.0 Act that relate the reporting and disclosure framework of the ERISA, including new disclosure requirements for defined contribution retirement plans. We await further progress on these efforts.
Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should take steps to provide participants important information concerning the cumulative effect of fees on savings over time. For example, steps could include ensuring disclosures cite a working, specific DOL web address for where such information is shown and requiring that fee disclosures include the agency's graphic illustration on the cumulative effect of fees. (Recommendation 3)
Open
As of September 2023, DOL told us that all recommendations in this report will be considered in connection with implementing SECURE 2.0. On August 11, 2023, EBSA published a Request for Information to solicit public feedback on a number of provisions of the SECURE 2.0 Act that relate the reporting and disclosure framework of the ERISA, including new disclosure requirements for defined contribution retirement plans. We await further progress on these efforts.
Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that fee disclosures for participant-directed individual retirement accounts use a consistent term for asset-based investment fees (e.g. gross expense ratio). (Recommendation 1)
Open
As of September 2023, DOL told us that all recommendations in this report will be considered in connection with implementing SECURE 2.0. On August 11, 2023, EBSA published a Request for Information to solicit public feedback on a number of provisions of the SECURE 2.0 Act that relate the reporting and disclosure framework of the ERISA, including new disclosure requirements for defined contribution retirement plans. We await further progress on these efforts.
Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that participant fee disclosures for participant-directed individual retirement accounts include fee benchmarks for in-plan investment options. (Recommendation 4)
Open
As of September 2023, DOL told us that all recommendations in this report will be considered in connection with implementing SECURE 2.0. On August 11, 2023, EBSA published a Request for Information to solicit public feedback on a number of provisions of the SECURE 2.0 Act that relate the reporting and disclosure framework of the ERISA, including new disclosure requirements for defined contribution retirement plans. We await further progress on these efforts.
Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that quarterly fee disclosures for participant-directed individual retirement accounts provide participants the actual cost of asset-based investment fees paid. (Recommendation 2)
Open
As of September 2023, DOL told us that all recommendations in this report will be considered in connection with implementing SECURE 2.0. On August 11, 2023, EBSA published a Request for Information to solicit public feedback on a number of provisions of the SECURE 2.0 Act that relate the reporting and disclosure framework of the ERISA, including new disclosure requirements for defined contribution retirement plans. We await further progress on these efforts.
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