House Lawmakers Pass 401(k) Fee Disclosure Bill

Law360, New York (June 17, 2009, 12:00 AM EDT) -- Legislation aimed at exposing hidden 401(k) fees charged to retirement plan participants passed a U.S. House of Representatives subcommittee on Wednesday.

The Health, Employment Pensions and Labor committee approved the 401(k) Fair Disclosure for Retirement Security Act in a 13-8 vote. The bill now goes to the full Education and Labor Committee for review.

Chairman of the subcommittee and co-sponsor of the bill, U.S. Rep. Rob Andrews, D-N.J., said the proposed law would increase transparency of the 401(k) system and allow plan participants an informed choice....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.