U.S. Congress - H.R.3185 401(k) Fair Disclosure for Retirement Security Act of 2007
H.R.3185 - 401(k) Fair Disclosure for Retirement Security Act of 2007
To amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and to establish in the Department of Labor an Advisory Council on Improving Employer-Employee Retirement Practices. view all titles (2)
All Bill Titles
- Short: 401(k) Fair Disclosure for Retirement Security Act of 2007 as introduced.
- Official: To amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and to establish in the Department of Labor an Advisory Council on Improving Employer-Employee Retirement Practices. as introduced.
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Official Summary
7/26/2007--Introduced.401(k) Fair Disclosure for Retirement Security Act of 2007 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement to enter into any contractOfficial Summary
7/26/2007--Introduced.401(k) Fair Disclosure for Retirement Security Act of 2007 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement to enter into any contract for services to the plan without a written statement that identifies who will be performing such services, describes each such service, and specifies the expected total annual cost of such services. Requires the Secretary of Labor to prescribe a model statement that may be used for purposes of satisfying such requirements. Limits the requirements for such a statement to contracts for services if the total cost for such services equals or exceeds $1,000.
Requires an administrator of an individual account plan that permits participants or beneficiaries to exercise control over their account assets to:
(1) provide to each such participant or beneficiary a notice of the investment options available for election, including a fee menu and an annual benefit statement; and
(2) include at least one investment option that is a nationally recognized market-based index fund that meets certain requirements. Requires the Secretary to make available to small employers:
(1) educational and compliance materials to assist in selecting and monitoring service providers for individual account plans, investment options, and fees; and
(2) services to assist in finding and understanding affordable investment options for such plans. Establishes in the Department of Labor (DOL) an Advisory Council on Improving Employer-Employee Retirement Practices. Requires the Council to issue an annual report on the state of U.S. retirement income security.
Sets forth provisions regarding enforcement of this Act.
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Recent News Coverage
In debate over 401(k) fee disclosure, some say retirement savers ...
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Sponsors, service providers urge modification of proposed fee ...
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Your 401(k) Can Cost You
The House Education and Labor Committee has approved, by a vote of 25 to 19, the 401(k) Fair Disclosure for Retirement Security Act (HR 3185). ...
Recent Blog Coverage
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S.224: Stalkers Act of 2011 - U.S. Congress - OpenCongress
10:00 a.m. — Rm. 407 — Higher Education Subcommittee on S.224, S.473, H.3185 & Regulations (Agenda). Now, here is a list of Thursday's S.C. House meetings which will be held (unless otherwise noted) in various rooms of ... Source: fitsnews ...
Rep. George Miller: Principles to Preserve and Strengthen 401(k)s ...
In April, the committee passed the 401(k) Fair Disclosure for Retirement Security Act (HR 3185), which would help workers shop around for the best retirement investment options by providing complete information on how much in fees is ...
Chairman Miller Unveils Principles to Preserve and Strengthen 401 ...
In April, the committee passed the 401(k) Fair Disclosure for Retirement Security Act (HR 3185), which would help workers shop around for the best retirement investment options by providing complete information on how much in fees is ...
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