Legislation intended to help improve 401(k) fee disclosure was recently introduced by House Democrats at a hearing held by the Health, Employment, Labor, and Pension Subcommittee of the House Education and Labor Committee.
The 401(k) Fair Disclosure for Retirement Security Act of 2009 would mean 401(k) plan participants must receive information on risk, return, complete fees and investment objectives before initially signing up for their plan. In addition, the account holder's quarterly statement would have to include an all-inclusive fee total.
The legislation is reportedly similar to a bill that was approved last year by the Education and Labor Committee, before failing approval by the full House.
Also, the new legislation would reportedly require servicing plans to provide employers who sponsor plans with a breakdown of fees into four categories: administrative fees, investment management fees, transaction fees and all other fees.
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