EBSA on DOL Fee Disclosure

SIFMA, the American Bankers Association (ABA), the American Benefits Council, the American Council of Life Insurers (ACLI), the ERISA Industry Committee (ERIC), the Financial Services Roundtable (FSR), the Investment Company Institute (ICI), the National Association of Manufacturers (NAM), the Profit Sharing/401(k) Council of America, the Society for Human Resource Management (SHRM), the U.S. Chamber of Commerce provide comments to the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor on fee and expense disclosures to participants in individual account plans. The groups believe that the Department has both the statutory authority and institutional expertise to improve disclosure of fee information to participants without new legislation. The letter includes recommendations for the Department as it considers what changes to current disclosure requirements may be appropriate.