401(k) Benefit Statement – Fee Disclosure

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401(k) plans that grant participants and beneficiaries the right to direct their investments (in other words, ERISA 404(c) plans) are required to furnish pension benefit statements at least once each calendar quarter. This statement is usually known as an “individual benefit statement” (IBS).

Compare this requirement with the requirement for non-ERISA 404(c) plans to provide annual benefit statements.


The IBS generally must show the following information:

Fee Disclosure

The quarterly fee disclosure portion of the notice must show:

The plan must also disclose quarterly, if applicable, that some plan administrative expenses may be paid from the total annual operating expenses of one or more of the plan’s investment options through:


$31 penalty for failure to furnish pension benefit statements to certain former participants and beneficiaries or maintain records.