New 401(k) options and disclosures on related fees are designed to give workers and retirees more control over their retirement savings.

Many 401(k) plans have poor investment choices and very high fees, but new rules from the U.S. Department of Labor will now require disclosure of 401(k) fees.

“This will be a very positive thing for consumers,” says Tim Harrington, CEO of FiPath, an independent financial planning site. “When you have this kind of transparency in fees, the transparency will lead to more competitive pricing. The end result will be lower fees that will be passed along to the consumer.”

Full disclosure on 401(k) fees won’t happen immediately. Service providers can wait until July 1 to tell employers the costs of their 401(k) plans.

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