401(k) Plans Get Boost in Transparency: 5 Things to Know for the Week

Simon Zhen

Updated on Tue Aug 14, 2012

In a week centered around Independence Day, another new law in the financial industry takes effect with the intention of helping American workers, who will get a microscopic view of the fees that they pay every year to maintain their 401(k) plans.

  • As July rolls in, so does a new quarter for the credit cards users with a Chase Freedom, Discover More or Citi Dividend card — all of which earn 5 percent cash back on categories that rotate every three months. Cardmembers may consider keeping one of these cards in their wallets if there is a category that they expect to frequently spend in.
  • ING Direct, the popular online bank, is holding limited-time bonuses for customers who open certain accounts — in celebration of Independence Day and customers’ financial independence. Anyone who has been on the fence may find these offers to be the push they needed — Tuesday night is the last deal to take advantage of this promotion.
  • The Samsung Galaxy S3, the next smartphone to support Google Wallet, launched on Sunday. It was previously slated for launch on Thursday but it was delayed due to inventory issues. New users receive a $10 credit when they activate Google Wallet on the phone.
  • Some PNC credit-card customers will start earning fewer points than before, due to a new change that went into effect over the weekend. It impacts customers who also have checking accounts with PNC and receive bonus points for have a credit card and checking account with the bank.
  • New federal disclosure rules require 401(k) plan providers to give detailed fee information to employers, who in turn would have to release this information to employees. The new law intends to boost transparency so 401(k) plan participants understand the costs behind their employer-sponsored retirement plans — and possibly opt to move their savings elsewhere if it proves to be too expensive.

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