As a 401(k) Plan Sponsor, you have important fiduciary responsibilities. These responsibilities will change when the new Department of Labor (DoL) legislation comes into effect.

The aim of this legislation is to "Improve the Transparency of Fees and Expenses to Workers in 401(k) Plans. It places the legal responsibility for making 401(k) fees transparent on the shoulders of the Plan Sponsor.

You will have to fully uncover, understand and document the all fees and expenses being charged.

If you do not understand and implement the required changes you may risk personal litigation.

Plan Sponsor comments like "I know we pay a little too much but I'm not sure how much" will be an open invite for legal attack. You must know exactly what your 401(k) fees and expenses are and you must make this readily available to all participants.

The Menu on the left outlines your responsibilities and what you can do to prepare for the new legislation.

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Please click the links below for more information related to the new 401(k) legislation:

Final Rule to Improve Transparency of Fees and Expenses to Workers in 401(k)-Type Retirement Plans' (PDF)	The Issue with the Current Environment' (PDF)