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.

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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Sponsor

• Rep. George Miller [D, CA-7]
• and 2 Co-Sponsors
  • Rep. Michael Michaud [D, ME-2]
  • Rep. Albio Sires [D, NJ-13]
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Committees

• House Education and Labor
• 1 more
  • House Education and Labor
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Amendments

This bill has no amendments.

Amendments to H.R.3185

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
July 26, 2007

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• Apr 16, 2008: Committee Consideration and Mark-up Session Held.
• Added to calendar on Apr 16, 2008: Ordered to be Reported (Amended) by the Yeas and Nays: 25 - 19..
• Oct 04, 2007: Committee Hearings Held.
• Sep 19, 2007: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
• Jul 26, 2007: Referred to the House Committee on Education and Labor.
• Introduced on Jul 26, 2007.

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Related Issue Areas:

• Pensions
• Administrative procedure
• Business
• Contracts
• 13 more
• Department of Labor
• Executive departments
• Federal advisory bodies
• Fees
• Finance
• Government information
• Government paperwork
• Government publicity
• Investments
• Law
• Mutual funds
• Pension funds
• Small business

Data from the Congressional Research Service

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In the News

April 30, 2008 In debate over 401(k) fee disclosure, some say retirement savers ...

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April 29, 2008 Sponsors, service providers urge modification of proposed fee ...

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April 28, 2008 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). ...

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Source: Washington Post, United States

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Blog Coverage

September 05, 2008 [Guidance Overview] Fiduciary Focus: The 'Anti-Participant Rule' (PDF)

Excerpt: "Any discussion about the regulatory effort (ie, proposed rule §2550.404a-5 set forth by the Department of Labor) or the legislative effort (ie, HR 3185) to disclose fees associated with qualified retirement plans such as ...

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Source: BenefitsLink.com

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August 21, 2008 Chairman Miller: Bush Administration’s Proposed Rules Would ...

Miller is the author of legislation, the 401(k) Fair Disclosure for Retirement Security Act (HR 3185), which would help workers shop around for the best retirement investment options by ensuring that workers receive full disclosures ...

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Source: Committee on Education and Labor Press Releases

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August 04, 2008 The Sum of Its Parts

Last week, the House Committee on Education and Labor passed the 401(k) Fair Disclosure for Retirement Security Act (HR 3185). That it passed was n.

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