An insurer has created a new program to educate retirement plan participants about the fees charged by their plan administrators.
Standard Insurance Company, a unit of StanCorp Financial Group Inc., Portland, Ore., has developed “Getting the Most from Your Plan: A Participants Guide to Retirement Plan Fees,” a free, Web-based primer for retirement plan participants.
Standard earlier this year produced an educational campaign for plan sponsors.
The new guide describes the types of services covered by retirement plan fees. It also discusses the cost of borrowing from retirement plans and the disadvantages of taking early withdrawals.