The Health, Employment, Labor, and Pensions Subcommittee will hold a hearing on Wednesday, April 22 on legislation that will provide American workers with clear and complete information about Wall Street fees taken from their 401(k)-style accounts.
The 401(k) Fair Disclosure for Retirement Security Act of 2009 will help workers shop around for the best retirement options by requiring simple fee disclosure on the investment options contained in their employer’s 401(k) plan. Current law does not require all fees workers pay to be disclosed; and even for information that is available, it can be difficult for workers to find and evaluate.
The bill is expected to be introduced today by Rep. George Miller, chairman of the full committee, and Rep. Rob Andrews, chairman of the subcommittee.
Hidden 401(k) fees were the subject of Sunday’s 60 Minutes and featured an interview with Rep. Miller. To watch the segment, click here.
The 401(k) Fair Disclosure for Retirement Security Act of 2009 will help workers shop around for the best retirement options by requiring simple fee disclosure on the investment options contained in their employer’s 401(k) plan. Current law does not require all fees workers pay to be disclosed; and even for information that is available, it can be difficult for workers to find and evaluate.
The bill is expected to be introduced today by Rep. George Miller, chairman of the full committee, and Rep. Rob Andrews, chairman of the subcommittee.
Hidden 401(k) fees were the subject of Sunday’s 60 Minutes and featured an interview with Rep. Miller. To watch the segment, click here.
WHAT:
Hearing on “H.R. _____, 401(k) Fair Disclosure for Retirement Security Act of 2009”
WHO:
Alison T. Borland, retirement strategy leader, Hewitt Associates LLC, Nashville
Mercer E. Bullard, founder, Fund Democracy and assistant professor of law, University of Mississippi, Oxford, Miss.
Robert G. Chambers, chairman of the board, American Benefits Council and partner at McGuire Woods, Charlotte, N.C.
Larry Goldbrum, executive vice president and general counsel, The SPARK Institute, Simsbury, Conn.
Kristi Mitchem, managing director and head of U.S. defined contribution plans, Barclay’s Global Investors, San Francisco
Julian Onorato, CEO, ExpertPlan, Inc., East Windsor, N.J.
WHEN:
Wednesday, April 22, 2009
10:30 a.m, EDT
WHERE:
House Education and Labor Committee Hearing Room
2175 Rayburn House Office Building
Washington, D.C.
Hearing on “H.R. _____, 401(k) Fair Disclosure for Retirement Security Act of 2009”
WHO:
Alison T. Borland, retirement strategy leader, Hewitt Associates LLC, Nashville
Mercer E. Bullard, founder, Fund Democracy and assistant professor of law, University of Mississippi, Oxford, Miss.
Robert G. Chambers, chairman of the board, American Benefits Council and partner at McGuire Woods, Charlotte, N.C.
Larry Goldbrum, executive vice president and general counsel, The SPARK Institute, Simsbury, Conn.
Kristi Mitchem, managing director and head of U.S. defined contribution plans, Barclay’s Global Investors, San Francisco
Julian Onorato, CEO, ExpertPlan, Inc., East Windsor, N.J.
WHEN:
Wednesday, April 22, 2009
10:30 a.m, EDT
WHERE:
House Education and Labor Committee Hearing Room
2175 Rayburn House Office Building
Washington, D.C.
