401(k) Bill Passes House Labor Committee

Law360, New York (June 24, 2009, 12:00 AM EDT) -- Legislation to expose hidden 401(k) fees charged to unwitting retirement plan participants passed the U.S. House of Representatives Education and Labor Committee on Wednesday.

The committee voted to approve the 401(k) Fair Disclosure for Retirement Security Act in a 29-17 vote. The bill could now head to the Ways and Means Committee for review, but it is not yet known whether the committee will take it up.

Chairman of the Education and Labor Committee Rep. George Miller, D-Ca., said the bill, which aims to increase transparency...
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