“ACLI supports the efforts of the U.S. Labor Department to ensure plan participants have meaningful information regarding fees and charges associated with their participation in an employer-provided retirement savings plan. ACLI believes that, to be meaningful, fee disclosure should enhance a participant's knowledge and understanding of this vital employee benefit without overwhelming participants with so much data and complexity that 401(k) plans become too confusing.
“We are carefully examining the Labor Department proposal and will discuss it with our member companies. ACLI has been actively involved in efforts to improve fee disclosure to plan sponsors and plan participants and we look forward to opportunities to continue to work with the Department on this important issue.”
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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 353 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 93 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.