Chairman Miller: Labor Dept. Must Use Information It Collects on 401(k)s to Improve Disclosure Requirements

Tuesday, April 24, 2007

WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, issued the following statement today in response to the U.S. Labor Department's announcement that it is seeking information on fees charged on 401(k)-style retirement savings accounts.

"I am pleased to see that the Department of Labor is belatedly beginning to move forward on the issue of 401(k) fee transparency. Obviously, simply collecting information is not enough; the Department must also use the information it collects to improve disclosure rules for 401(k) and other retirement plans. I urge the Department to work quickly to adopt new rules on fee disclosure. I will also be introducing legislation to improve disclosure of fees in the coming weeks. 

"This issue is critically important because even small fees can put a big dent in workers' retirement savings accounts. Workers and employers should have clear information about any fees associated with different retirement plans and investment options so they can make the best-informed decisions for themselves."

Last month, the Education and Labor Committee held a hearing on 401(k) fees; for more information on that hearing, click here.

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FOR IMMEDIATE RELEASE
Contact: Tom Kiley / Rachel Racusen
2181 Rayburn House Office Building
Washington, DC 20515
202-226-0853