The Health, Employment, Labor, and Pensions Subcommittee of the House Education and Labor Committee held 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 was introduced on Tuesday, April 21, 2009 by Rep. George Miller (D-CA), chairman of the full committee, and Rep. Rob Andrews (D-NJ), 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.
Archived Webcast »
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 was introduced on Tuesday, April 21, 2009 by Rep. George Miller (D-CA), chairman of the full committee, and Rep. Rob Andrews (D-NJ), 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.
Witnesses:
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Mr. Mercer E. Bullard »
Founder,
Fund Democracy and Assistant Professor of Law University of Mississippi University, MS -
Ms. Kristi Mitchem »
Managing Director
US Defined Contribution Plans Barclays San Francisco, CA - Ms. Alison T. Borland » Retirement Strategy Leader Hewitt Associates LLC Nashville, TN
- Mr. Julian Onorato » CEO ExpertPlan, Inc. East Windsor, NJ
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Robert G. Chambers »
Chairman of the Board,
American Benefits Council
& Partner, McGuire Woods Charlotte, NC - Larry Goldbrum » Executive Vice President and General Counsel The SPARK Institute Simsbury, Connecticut
