This article discusses how employers providing 401(k) plans to their employees will be affected by the 401(k) Fair Disclosure and Pension Security Act of 2009 in the realm of fee disclosure under legislation currently pending in the U.S. House of Representatives. There are other provisions of the proposed legislation, including the provision of investment advice, which are not discussed here.
Requirements
On April 21, 2009, Representatives George Miller (D-Ca.) and Robert Andrews (D-N.J.) introduced the Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984) and the Conflicted Investment Advice Prohibition Act of 2009 (H.R. 1988), respectively. These bills were consolidated to create the 401(k) Fair Disclosure and Pension Security Act of 2009 (H.R. 2989).
