Type of Information
The plan administrator must furnish information about the administrative and investment costs of participation in 401(k)-type plans. This includes general information about the mechanics and structure of the plan, such as how to give investment directions, and information about the plan’s administrative costs (e.g., recordkeeping, legal) and individual charges that may be assessed to participants (for loans, QDROs, etc.). This also includes a comparative chart with information about the plan’s investment options, including investment fees and expenses, performance and benchmark data, an active Website address with supplemental investment information, and a glossary of terms to assist participants in understanding the plan’s investment options. See 29 CFR § 2550.404a-5.
Generally, participants and beneficiaries with the authority to direct their own investments in individual account plans.
General information about the plan and potential administrative and individual costs, as well as a “comparative chart” of key information about plan investment options, must be furnished annually (at least once in any 14-month period).
On at least a quarterly basis, participants must receive a statement of the dollar amount of administrative and individual fees that were charged to their accounts.
This information may, in certain circumstances, be included in the plan’s SPD and participants’ Periodic Pension Benefit Statements.