What is the minimum frequency at which the plan administrator must explain any fees and expenses charged for individual services?

The plan administrator is required to explain any fees and expenses charged for individual services at least annually. This requirement is established to ensure transparency and enable participants to make informed decisions regarding their retirement savings. By receiving this information at least once a year, participants can better understand the costs associated with managing their accounts, which ultimately impacts their retirement savings. Regular disclosures also help maintain compliance with various regulations governing retirement plans, emphasizing the importance of clarity concerning fees and expenses involved in the plan. Thus, the annual frequency aligns with the regulatory standards designed to protect the interests of plan participants.