Where to Get Information about 401(k) Expenses

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Where to Get Information about 401(k) Expenses

The 401(k) fees you pay as part of your plan are made known in several types of publications:

Account statement

Your account statement, which is typically provided four times a year, shows you the total assets in your account, how the assets are invested, and any increases or decreases in them. Administrative expenses may also be shown. The account statement is for your account alone, rather than the entire plan.

Prospectus

A prospectus is a document (usually in booklet form) that describes the aspects of the investment—past performance, fees, management, etc.—that your 401(k) invests in. If your plan lets you direct the investments in it, you will receive a prospectus with this information as well. Investment fees and other fees will be disclosed there.

Summary plan description

This document is a summary of your 401(k) plan. It is given to you when you join the plan. It will describe how the plan operates and what it provides to participants. It will also cover how administrative expenses are paid.

Annual report

The annual report, issued yearly, describes the state of your 401(k) plan. It provides information on the plan’s assets and liabilities, income, and expenses. Expenses include administrative fees and other expenses. It cannot show expenses that you paid individually for your account, nor does it show expenses deducted from investment earnings. You can view annual reports online at www.efast.dol.gov.

Your plan administrator should also have the information you need about fees and expenses, as well as access to the documents described here.