Plan-related fees are something plan sponsors need to play close attention to on behalf of their participants. With plan participants already trying to recover from the impact that the recession has had on their retirement savings, choosing the wrong retirement plan provider (i.e., ones whose fees are too high) can delay this recovery even further, according to research done by the consulting firm Hewitt Associates.

Participants often approach retirement planning with a mix of confusion and dread. They’re not sure how much they should be saving or where they should invest their money. Here are a few steps provided by an article from msnbc.com and bankrate.com to help get them started:

Thirty years ago, Section 401(k) of the Internal Revenue Service went into effect. Little did anyone at the time know that it would eventually lead to the largest private-sector employer-sponsored plan in the U.S.

As a reminder, the maximum amount that may be contributed to a traditional or Roth IRA for the 2009 year is $5,000 for those under the age of 50 ($6,000 for those age 50 and over), or the amount of your taxable compensation, whichever is less. Please note that you have until April 15, 2010 to contribute the maximum amount to your traditional or Roth IRA for the 2009 year.

Each season, the IRS releases their Retirement News for Employees newsletter edition with the latest industry updates and helpful tips for Employees of employer-sponsored retirement plans. The 2010 Winter edition was released on the IRS Web site under their Retirement Plans Community section and discusses the upcoming tax season requirements and filing regulations. This winter’s issue also reminds employees of filing deadlines for specific retirement plans, deadlines for Employer Contributions, new requirements for Death Benefits, Plan Distribution and Plan Amendment dates as well as an article on tax-return preparations.

While certain plan participants need to take Required Minimum Distributions (RMDs) during 2010, that could possibly change in the near future. Some legislators seem to feel that participants need more time for the financial markets to recover and to that end have proposed two pieces of legislation, H.R. 4421 and H.R. 2637, which would extend the suspension of RMDs that took place during 2009 as a result of legislation.

With fewer employers offering defined benefit (i.e., pension) retirement plans, 401(k) plans have become the standard retirement vehicle in recent years. But is there room for improvement? Roger Ferguson seems to think so, according to an article in “USA Today”. Ferguson is the CEO of TIAA-CREF, which specializes in retirement services to those in the educational and nonprofit fields.

According to an article in U.S. News & World Report, baby boomers will have a different retirement situation than those in previous generations. In some ways, the changes are good – such as living longer and staying active, but others such as being a “sandwich generation” and retiring with debt can pose challenges for those who have not saved enough. Here are the examples provided in the article:

In a sign of economic recovery, more companies are restoring the matching contribution to their 401(k) plans, after suspending them last year to save cash-flow and jobs, according to a study reported by Hewitt Associates and reported by the Washington Post.