Four of out five 401(k) plan executives said EBSA fee-disclosure regulations implemented last year have had little or no impact on plan participant behavior, according to a survey of BMO Retirement Services clients.
Only 1% of the 416 clients participating in the survey reported seeing positive or negative changes in participant behavior, according to a news release from BMO Retirement Services. Similarly, just 1% of respondents felt an increase in ill will toward either themselves or the plan's record keeper.
According to the survey, 15% of plan executives see the Employee Benefits Security Administration disclosure regulations as confusing to their participants; shortly after the regulations took effect last August, 46% expressed concern over potential confusion.
Also, 74% of clients said they want retirement products that are easy for their plan participants to understand, and 26% said they want products that aren't too complex to manage as a plan sponsor. Among those products are target-date funds and risked-based asset allocation funds, according to the release.
The survey was conducted via telephone and online from April 4 to May 12, said Matt Smith, managing director and director of retirement sales and strategy at BMO Retirement.
