Smart401k Blog

If you’ve opened up a newspaper, turned to a news cable station or checked out one of the many financial websites recently, you may have stumbled upon a headline discussing the Department of Labor’s final ruling on 401(k) fee disclosures (watch Smart401k CEO Scott Holsopple on Fox Business discuss this recent DOL ruling). This final ruling is great news for you and other 401(k) participants as information regarding fees and expenses related to 401ks will soon be more readily available.

If you are interested in some heavy reading you can check out the full details of the Department of Labor’s final ruling with 401(k) fee disclosure. But if you’re like most people, this ruling and the jargon surrounding it may bring about more questions than answers. To help clear up the confusion we offer three important takeaways from the final disclosure ruling.

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Remember the good ol’ days when banks were content with having your business?

In the not-too-distant past, overdraft charges were the only bank fees. And you might pay a few extra bucks for fancy checks with special fonts.

What happened?

With the evolution of technology and consumer habits, daily monetary transactions are no longer as simple as will that be cash or check?

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Photo Credit Alan Levine

Recently I went on a quest to find a new gym. After some research, I found a place I thought was a good match. The winning gym was close to my home, relatively new and, most importantly, they offered a monthly membership for just $14.95.

The next day, I merrily drove to the gym and sat with account associate to sign up and hit the gym. But reading the fine print, I was shocked to see how various fees moved my monthly fee from $14.95 to an average of nearly $30 a month.

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