DOL 401(k) Participant Fee Disclosure

SIFMA provides comments to the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (Department) on the disclosure of fees and expenses to 401(k) participants. SIFMA recognizes that a balance must be struck between the desire for complete disclosure and the utility of additional disclosure.  SIFMA members believe that any guidance issued by the Department should apply to participant-directed plans that intend to comply with the requirements of section 404(c) and those that do not. In addition, SIFMA recommends that any guidance issued by the Department needs to take into account how other plan expenses, such as recordkeeping fees or loan fees, are allocated to plan investment options and/or participant accounts.