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Fee disclosure is no longer a nicety but a necessity

Given the growing number of lawsuits filed by 401(k) plan participants against plan sponsors over excessive 401(k) fees, improved and more transparent disclosure is no ...

By Staff Writer | Updated on May 08, 2007

Given the growing number of lawsuits filed by 401(k) plan participants against plan sponsors over excessive 401(k) fees, improved and more transparent disclosure is no longer a nicety but a necessity. Now SaveDaily.com Inc., a record-keeping technology provider, has introduced its improved 401(k) Statement Extraction Tool, which posts vesting and reflects all plan fees on participants’ statements in accordance with the requirements of the Pension Protection Act (PPA) of 2006. Among its many provisions, the PPA requires that quarterly participant statements reflect all costs that are associated with their 401(k) plan, including subsidies. With SaveDaily’s revised statement extraction tool, all subsidies are posted to the plan and fees are fully disclosed on participant statements. Among the extraction tool’s new features, SaveDaily can post vesting in the 401(k) plan to participants. SaveDaily now also offers flexible fulfillment options that can be selected per plan, including electronic and mail distribution. The extraction tool is part of SaveDaily’s LiquidFinance Platform, a full-service, open-architecture record-keeping platform that provides the health savings account (HAS), defined contribution and asset management markets with a low-cost, easy-to-deploy platform. The platform can be privately labeled and is customizable.

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