Defined contribution plan participants for the most part seem largely unaffected by updated fee disclosure requirements.
At least that's what new research from the Plan Sponsor Council of America is showing. According to a new study from the council, participants have not changed their behavior based on fee disclosure information they have received.
The study was conducted in October of 2012 based on 176 responses from defined contribution plan sponsors. 95.6% of sponsors reported no change in participant behavior, with only 1.4% of participants asking questions regarding the information they received.
Bob Benish, PSCA's interim president and executive director, expressed his lack of surprise at the results in a press statement, saying that, "the survey results echo what we have been hearing anecdotally."
"Clearly, the results raise questions about the costs incurred in complying with the regulations. Participants either aren’t reading the disclosures or they don’t seem to be surprised by the fees they pay," he said.