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The Department of Labor fee disclosure rules that went into effect last year were intended to shed light on just how much 401(k) participants are paying in fees, to make for more informed consumers.
FORBES: 401(k) Fees Still Widely Misunderstood
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The new approach replaces a two-decades old system of paying agencies a fixed fee for labor, regardless of results.
FORBES: Rethinking The Right Way To Compensate Agencies And Motivate Talented People
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The Department of Labor also delayed more fee disclosure to plan participants.
FORBES: Will We Ever Find Out What We Pay In Retirement Fees?
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Business owners are left with the feeling that they are not in control of their own destiny and that they can never really predict their bottom line for fear of some new regulation, tax, fee or labor costs.
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Overwhelmingly, agencies are compensated by charging their clients a fee, estimating labor cost and including an agreed profit margin.
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Management points out that the baggage fee actually saves the company fuel and labor fees because it discourages passengers from bringing on the extra weight.
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While reforms like the fee disclosure rules from the U.S. Department of Labor (slated to take effect July 1) are positive steps, the Demos model described in their report shows how listing fees on account statements will not address the other factors that keep fees high nor fix the structural weaknesses in the current risky, individualized retirement system.
FORBES: 401k Expenses Still a Pernicious Rip-Off
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Despite new fee disclosure rules mandated by the U.S. Department of Labor late last year, I would suspect that most employees have no idea how to compare these expenses to bargain-basement mutual funds and exchange-traded funds.
FORBES: 401(k) World: A Deeper Look into Tom Friedman's Nightmare
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Rest assured, we were told, the fee splitting arrangement with Financial Engines met the guidelines for independent advice the Department of Labor had established in their SunAmerica advisory opinion.
FORBES: More Worries for Defined Contribution Plan Fiduciaries (August 31, 2006)