Members of the House Education and Labor Committee seem to have caught the attention of the U.S. Department of Labor.
The committee today held a hearing on defined contribution retirement plan fee disclosure practices.
Soon after the hearing ended, the Labor Department issued a statement saying, “Improving 401(k) fee disclosure is a top priority of the Labor Department.”
The Labor Department is working on “several regulatory initiatives” to improve the transparency of fee and expense information for participants and plan fiduciaries, Bradford Campbell, an acting assistant secretary at the department, says in the statement.
Campbell says the department is:
- Preparing a request for information seeking ideas about ways to improve the current disclosures for 401(k) plans and other participant-directed individual account plans.
- Completing a final rule on Form 5500 reporting of plan fee and expense information.