Employees would have access to all fees associated with their 401(k) plans in clear and easy to find language if legislation introduction today becomes law.
Under the 401(k) Fair Disclosure for Retirement Security Act of 2009, a worker's quarterly statement would be required to list total contributions, earnings, closing account balance, net return, and all fees subtracted from the account. All fees taken out of the account would be disclosed in one number; the worker could request more detailed fee information from their plan administrator. The current law does not require all fees workers pay to be disclosed.
The Health, Employment, Labor, and Pensions Subcommittee of the House Education and Labor Committee is scheduled to hold a hearing today on the legislation.
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