s 28 54897 1234155600 false 1234155600 401 896 111 300051

2/9/2009--Introduced.Defined Contribution Fee Disclosure Act of 2009 - 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 from contracting for services to the plan unless the administrator has received in advance a written statement that describes the services to be provided, identifies any other entity performing such services, provides the expected total annual service charges allocated among specified components, and discloses financial relationships with, or free or discounted services provided by, other parties. Limits applicability of such requirements to contracts for services with a total cost that equals or exceeds $5,000 per plan year or .01% of the value of plan assets at the end of the preceding plan year. Requires an individual account plan administrator that permits a participant or beneficiary to exercise control over account assets to provide to the participant or beneficiary a notice containing specified information on investment options 15 days prior to the participant's initial investment and the effective date of any material change in such options.Requires the Secretary of Labor to prescribe a model statement and a model notice.Requires the Secretary to make available to small employers: (1) educational and compliance materials concerning service providers; and (2) services to assist in finding and understanding affordable investment options. Requires the Secretary to: (1) survey and publish annually any data on plan investment options; (2) notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes compliance; (3) annually audit a representative sampling of individual account plans; and (4) recommend ways to simplify employee pension plan reporting and disclosure requirements.

1234155600 2009-02-09 Wed Jan 06 06:33:06 -0600 2010 introduced 54897 'of':6 'act':5 'fee':3 '2009':7 'defined':1 'disclosure':4 'contribution':2 68637 false short introduced 54897 'act':10 '1974':12 'bill':2 'plan':23 'rule':19 'amend':4 'incom':8 'retir':7 'secur':9 'provid':14 'purpos':27 'report':16 'account':22 'employe':6 'special':15 'individu':21 'disclosur':18 67999 false official action 54897 1234155600 Mon Feb 09 00:00:00 -0600 2009 183681 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. H000206 1939-11-19 5068 731 Hart Senate Office Building http://harkin.senate.gov/c/index.cfm 202-224-9369 Thomas 'd':4 'ia':5 'sen':1 'tom':8 'thoma':2,6,9 'harkin':3,7,10 M 300051 Harkin Tom_Harkin Sen. Thomas Harkin [D, IA] 2568 Tom N00004207 11316 Democrat 202-224-3254 Roman Catholic IA Tom Thomas Harkin 2.39024390243902 http://harkin.senate.gov/ SenatorTomHarkin action 54897 1234155600 Mon Feb 09 00:00:00 -0600 2009 183681 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. introduced 54897 1234155600 Mon Feb 09 00:00:00 -0600 2009 183680