Source: Kathy Chu, USA Today

A regulation that the Labor Department plans to propose Tuesday would require employers to disclose more information — and in a clearer format — to workers about fees and investments in 401(k) plans, now the main retirement-savings vehicle for millions of Americans.

The regulation covers 65 million participants in 437,000 401(k) and similar plans. It comes as the tanking stock market has dragged down 401(k) plan performance, magnifying the effect of fees on investment returns.

Fees “subtract from the overall amount of retirement savings, so it’s really important that workers are able to compare for themselves the relative level of expenses that are deducted,” Labor Secretary Elaine Chao told USA TODAY.

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