401(k) Participants Want Fee Disclosure: Transamerica

Research by the Transamerica Center for Retirement Studies finds 54% of workers want some form of summary information about fees charged by their 401(k) plans.

Of 401(k) plan participants surveyed, 32% of workers preferred the information to include a break-down of fees for services and investments, while 22% prefer a high-level summary with a total, all-inclusive cost. Only 31% prefer a highly detailed account of fees and expenses.

And 75% said they would prefer to receive fee information through an electronic format such as electronic quarterly account statements or through their plan provider’s Web site, according to the study, backed by Transamerica Retirement Services, Los Angeles, part of AEGON N.V., the Netherlands.