On Wednesday, June 24, the House Education and Labor Committee will vote on legislation to ensure that American workers have clear information about fees that could be cutting deeply into their 401(k)-style retirement savings.
The 401(k) Fair Disclosure and Pension Security Act of 2009 (H.R. 2989) is new legislation that combines provisions from the recently approved fee disclosure and investment advice bills (H.R. 1984 and H.R. 1988). The bill also includes modest adjustments to pension funding rules in order to ensure plans can weather the economic crisis without being forced to choose between cutting jobs or freezing plans.
WHAT:
Mark-up of H.R. 2989 “The 401(k) Fair Disclosure and Pension Security Act of 2009”
WHO:
The House Education and Labor Committee
WHEN:
Wednesday, June 24, 2009
10:30 a.m. EDT
Please check the Committee schedule for potential updates »
WHERE:
House Education and Labor Committee Hearing Room
2175 Rayburn House Office Building
Washington, D.C.
The 401(k) Fair Disclosure and Pension Security Act of 2009 (H.R. 2989) is new legislation that combines provisions from the recently approved fee disclosure and investment advice bills (H.R. 1984 and H.R. 1988). The bill also includes modest adjustments to pension funding rules in order to ensure plans can weather the economic crisis without being forced to choose between cutting jobs or freezing plans.
WHAT:
Mark-up of H.R. 2989 “The 401(k) Fair Disclosure and Pension Security Act of 2009”
WHO:
The House Education and Labor Committee
WHEN:
Wednesday, June 24, 2009
10:30 a.m. EDT
Please check the Committee schedule for potential updates »
WHERE:
House Education and Labor Committee Hearing Room
2175 Rayburn House Office Building
Washington, D.C.
I am writing to voice my approval of H.R. 2989, “401(k) Fair Disclosures and Pension Security Act.” As an auditor of employee benefit plans, I have been concerned that many fees charged by service providers are not well disclosed. The participants don’t understand them, and they are at times difficult to audit. In fact, this legislation should be amended to require investment houses to cease netting the fees charged with the investment activity. This would provide the best possible transparency to both participants and auditors.
Support H.R. 2989
One note on a typo I found in reading the Bill:
Pg 10, line 10 “Secretary may be regulation…” should be “Secretary by regulation…”
Thank you for your time.
David L Wagner, CPA
Pymouth-Ann Arbor, MI