Pies were delivered to each Finance Committee Senator today with a slice missing representing the fees Wall Street takes from 401(k) accountholders. According to a Department of Labor bulletin, a one-percentage point difference in fees would reduce overall retirement income by 28 percent over a lifetime of saving.
TO WATCH AN ARCHIVED WEBCAST OF A PRESS CONFERENCE ON THIS ISSUE, CLICK HERE.
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Important 401(k) fee disclosure provisions were part of the American Jobs and Closing Tax Loopholes Act (H.R. 4213), legislation that the House of Representatives approved and sent to the Senate on May 28. Last week, Sen. Max Baucus introduced proposed changes to the legislation that included the elimination of the requirement that 401(k)-type plans disclose all fees that participants pay.
At a press conference that just concluded, U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, asked that Senate put the fee disclosure requirements back into H.R. 4213.
“The Senate should side with middle class Americans who want to know the facts about fees and charges that threaten their retirement savings, and restore these critical provisions,” Miller said.
Miller was joined at the press conference by: U.S. Rep. Rob Andrews (D-NJ), chairman of the Health, Employment Labor and Pensions Subcommittee; Karen Friedman, policy director, Pension Rights Center; Cristina Martin-Firvida, director of economic issues, AARP; and Christian E. Weller, senior fellow, Center for American Progress, and associate professor of public policy, University of Massachusetts Boston. Watch everyone's statements on our YouTube page.
TO WATCH AN ARCHIVED WEBCAST OF A PRESS CONFERENCE ON THIS ISSUE, CLICK HERE.
Created with flickrSLiDR.
Important 401(k) fee disclosure provisions were part of the American Jobs and Closing Tax Loopholes Act (H.R. 4213), legislation that the House of Representatives approved and sent to the Senate on May 28. Last week, Sen. Max Baucus introduced proposed changes to the legislation that included the elimination of the requirement that 401(k)-type plans disclose all fees that participants pay.
At a press conference that just concluded, U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, asked that Senate put the fee disclosure requirements back into H.R. 4213.
“The Senate should side with middle class Americans who want to know the facts about fees and charges that threaten their retirement savings, and restore these critical provisions,” Miller said.
Miller was joined at the press conference by: U.S. Rep. Rob Andrews (D-NJ), chairman of the Health, Employment Labor and Pensions Subcommittee; Karen Friedman, policy director, Pension Rights Center; Cristina Martin-Firvida, director of economic issues, AARP; and Christian E. Weller, senior fellow, Center for American Progress, and associate professor of public policy, University of Massachusetts Boston. Watch everyone's statements on our YouTube page.
