Retirement Plans



Sponsors of 401(k) plans typically don’t provide enough information about the fees charged by mutual funds and other investment products, and Congress should require them to disclose investment and recordkeeping fees that participants bear, according to a GAO report.

The study recommended that Congress amend the Employee Retirement Income Security Act (ERISA) to prohibit plan sponsors from providing the information “in a piecemeal fashion” that makes direct comparisons difficult. Congress also should amend ERISA to require 401(k) service providers to reveal any compensation they receive from other providers, the GAO proposed. In addition, the Department of Labor should require plan sponsors to report summaries of fees paid by participants out of plan assets, the GAO said. The full report is available at www.gao.gov/new.items/d0721.pdf .

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.