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Employee Benefits Security Administration announces launch of 401(k) fee disclosure resource website

News release: “The U.S. Department of Labor’s Employee Benefits Security Administration has announced a new 401(k) fee disclosure website as a resource for consumers. The new site offers information on disclosures that, for the first time, will help workers with 401(k)-type retirement plans see what they are paying to invest their savings. It also includes new tips and tools on making smart retirement investment decisions…As a result of a rule published by EBSA, workers investing in 401(k)-type plans began receiving fee disclosures from their employers this summer, marking the first time that employers have been required to provide this information. Research has shown that paying just 1 percent more in fees can lead to a 28 percent decrease in a 401(k) account balance over the course of a career…If you have questions about your 401(k) plan account and the new fee disclosures, contact a benefits advisor or 1-866-444-3272.”

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