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....
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