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401(k) Fair Disclosure for Retirement |
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Increasing numbers of Americans are relying on 401(k)-style plans to help finance their retirements. Today, roughly 50 million American workers have 401(k)-style plans. The vast majority of these workers report that they do not know how much they are paying in fees to the companies that service their 401(k) plans, despite the fact that, over a career, these fees can greatly reduce workers’ retirement account balances. A 1-percentage-point difference in fees can reduce a worker’s 401(k) account balance by as much as 20 percent or more over a career.
Workers have a right to know how much they are paying in fees on their 401(k) plans so that they can make the best investment decisions for themselves. The 401(k) Fair Disclosure for Retirement Security Act (H.R. 3185), which was passed by the Committee by 25-19 on April 16, would provide workers with clear and complete information about the fees they are paying.
About the 401(k) Fair Disclosure for Retirement Security ActH.R. 3185 would: Require Complete Disclosure of Fees Charged on 401(k) Plans
Help Workers Understand Their Investment Options
Ensure workers have access to at least one low-cost index fund
Disclose Fees and Conflicts of Interest to Sponsors of 401(k) Plans
Enhance Department of Labor Oversight and Protection
Support for H.R. 3185
Reports on 401(k) Fees
Testimony from March 2007 Full Committee HearingBarbara Bovbjerg » Matthew Hutcheson » Stephen Butler » |
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