Fred C Church

As part of a joint effort with the Department of the Treasury, the Department of Labor is instituting new rules meant to make it easier for Americans to effectively plan ahead for retirement using their 401(k) plans.

The agency recently announced new rules which would increase disclosure to plan administrators and participants, giving them more information to work from. Both should be better educated in terms of costs, while participating employees may receive more education and information to use when evaluating potential investments.

More effective education may improve the returns employees receive through their 401(k)s, encouraging participation. Employers may find that more effective plan administration could similarly affect the way employees perceive their medical, life and other insurance benefits. Some research indicates covered employees may fail to take advantage of available care because they have a limited understanding of how the business insurance policy applies to them.

Involving a certified insurance counselor may be beneficial in improving employees' comprehension of benefits and coverage, and helping them remain healthier by making the most of that coverage.