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Sunday's Child - Nikolas
Looking into Retirement? Find Out How to Make Sure Your 401K is Working Isn't Costing You 7/6/12
Gary Hinterlong
CBS7 News
July 6, 2012
If you're thinking about retirement or working towards saving up for it, here's some good news.
Soon, you'll be able to find out just how much your 401K is costing you.
There are often hidden fees in a retirement plan, but the U.S. Department of Labor is wanting to change that.
On July 1st, every party that is involved with providing a 401K plan had to disclose its fees.
On August 30th, you should be receiving an itemized list of those fees to help you decide whether the money you've earned is being put where you want it.
The Department of Labor is also requiring retirement plan providers to send out fee disclosures to you, the first report being no later than November 14th.
For more information on what this rule will mean for you, click here.