S.2473 - Defined Contribution Fee Disclosure Act of 2007

A bill to amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and for other purposes. view all titles (2)

All Bill Titles

  • Short: Defined Contribution Fee Disclosure Act of 2007 as introduced.
  • Official: A bill to amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and for other purposes. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 6
  • All-Time: 1,411
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/13/07
 
 
 
 
 
 
 

Official Summary

Defined Contribution Fee Disclosure 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 from contracting for services to the plan unless the adminis

Official Summary

Defined Contribution Fee Disclosure 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 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) annually survey and publish 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.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC