New 401(k) disclosure rules will improve retirement plans

The federal Labor Department published regulations this week that will force employers to disclose all 401(k) fees, along with performance information in a standardized format. Beginning in 2012, each quarterly statement will say, in dollars and cents, how much you've paid in investment management fees, administrative costs and other expenses.
The disclosure undoubtedly will shock some workers.
"People are going to say, 'We didn't know there were any fees,'" says Sean Duggan, a 401(k) consultant at Moneta Group in Clayton.
"Some of them will be angry," adds Robert Higgins, a senior consultant with Benefit Plans Plus in Creve Coeur.
Anger can be healthy, though. In the current system, workers — and even many employers — have no idea what they're paying. A separate set of regulations, announced earlier this year, will arm employers with better information.
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