Recommendations Database

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As of January 31, 2023, there are 4839 open recommendations that still need to be addressed. 470 of these are priority recommendations, those that we believe warrant priority attention. Learn more about our priority designation on our Recommendations page.

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1 - 6 of 6 Recommendations, including 0 Priority Recommendations

Federal Rulemaking: Selected Agencies Should Fully Describe Public Comment Data and Their Limitations

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1 Open Recommendations
Agency Recommendation Status
Employee Benefits Security Administration The Assistant Secretary of Labor for EBSA should fully describe available public comment data, including any limitations, to external users of the data. This should include coordination with GSA, as the manager of Regulations.gov, as appropriate. (Recommendation 5)
Open

In November 2021, EBSA stated that it will work with other impacted agencies and take appropriate steps to implement the recommendation in a coordinated manner. We will continue to monitor EBSA's efforts in this area.

401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them

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5 Open Recommendations
Agency Recommendation Status
Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that fee disclosures for participant-directed individual retirement accounts use a consistent term for asset-based investment fees (e.g. gross expense ratio). (Recommendation 1)
Open

DOL officials stated that would carefully consider this recommendation with a focus on the potential practical impact of mandating such disclosures.

Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that quarterly fee disclosures for participant-directed individual retirement accounts provide participants the actual cost of asset-based investment fees paid. (Recommendation 2)
Open

DOL officials stated that would carefully consider this recommendation with a focus on the potential practical impact of mandating such disclosures.

Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should take steps to provide participants important information concerning the cumulative effect of fees on savings over time. For example, steps could include ensuring disclosures cite a working, specific DOL web address for where such information is shown and requiring that fee disclosures include the agency's graphic illustration on the cumulative effect of fees. (Recommendation 3)
Open

DOL officials stated that would carefully consider this recommendation with a focus on the potential practical impact of mandating such disclosures.

Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that participant fee disclosures for participant-directed individual retirement accounts include fee benchmarks for in-plan investment options. (Recommendation 4)
Open

DOL officials stated that would carefully consider this recommendation with a focus on the potential practical impact of mandating such disclosures.

Employee Benefits Security Administration The Assistant Secretary of the Employee Benefits Security Administration should require, in a manner deemed effective, that participant fee disclosures for participant-directed individual retirement accounts include ticker information for in-plan investment options, when available. (Recommendation 5)
Open

DOL officials stated that would carefully consider this recommendation with a focus on the potential practical impact of mandating such disclosures.

Have a Question about a Recommendation?

For questions about a specific recommendation, contact the person or office listed with the recommendation. For general information about recommendations, contact GAO's Audit Policy and Quality Assurance office at (202) 512-6100 or apqa@gao.gov.