U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee and lead sponsor of 401(k) fee disclosure legislation, will have pies delivered to each Finance Committee Senators on Wednesday with a slice missing representing the fees Wall Street takes from 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. The 401(k) fee disclosure provisions were part of the American Jobs and Closing Tax Loopholes Act (H.R. 4213), important 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.
Miller called the elimination of important reforms to expose hidden 401(k) fees “unacceptable” and vowed to fight to include the reforms.
There is no requirement for Wall Street to tell accountholders how much they take out of Americans’ 401(k)-style accounts. With more than 50 million Americans relying on these plans to finance their retirements, hidden fees can make a big difference in families’ retirement security.
WHAT:
Press Conference on 401(k) fee disclosure provisions in H.R. 4213 with 23 pies to be delivered to Senate Finance Committee Members
WHO:
U.S. Rep. George Miller (D-CA), chairman, House Education and Labor Committee
U.S. Rep. Rob Andrews (D-NJ), chairman, Health, Employment, Labor and Pensions Subcommittee
Karen Friedman, policy director, Pension Rights Center
Cristina Martin-Firvida, director of economic issues, AARP
Christian E. Weller, senior fellow, Center for American Progress, and associate professor of public policy, University of Massachusetts Boston
WHEN:
Wednesday, June 16, 2010
1:00 p.m. EDT
WHERE:
House Education and Labor Committee Hearing Room
2175 Rayburn House Office Building
Washington, D.C.
Note: This press conference will be webcast live from the Education and Labor Committee website.
