Fees


 Trying to be somewhat current and topical, with a vote scheduled this week in the House Education and Labor Committee on Rep. Miller's 401(k) Fair Disclosure for Retirement Security Act bill (HR 3185) and the DOL moving forward with proposed rules addressing these issues, I just wonder what the ultimate impact will be at the participant level. While there will be much gnashing of teeth at the disclosure pains by the investment and plan community, will participants perceive this as something beneficial and worth all the effort? My guess is no. Given my experience with most participants, their focus is first on a relatively safe investment (which is not necessarily good) and second on an acceptable rate of return. While they may be interested in knowing what the true expenses of operating a plan might be and to what extent revenues from their investment decisions are being used to pay these amounts, it will probably have little impact on their investment decisions. Granted there may be a focused minority of participants who will pay close attention to this and will alter their decisions based on what they perceive, but I suspect the majority will not do much. I'm interested in what others may feel on this point. Are wheels spinning for not that much good?