The author of H.R. 3185, a 401(k) plan fee disclosure bill, says it is dead, but the U.S. Department of Labor is continuing to work on completing proposed disclosure regulations.
Rep. George Miller, D-Calif., chairman of the House Education and Labor committee, won approval for H.R. 3185 from the committee in April.
But “we’re not going to move it,” Miller told Congress Daily. “We don’t see the president signing it. And, with the amount of time left, it’s just too difficult to get anything through the Senate anyway.”
“Given the short time left in this Congress, and that Senate action is clearly not possible, it makes sense to wait till the next Congress” to try to move a disclosure bill, says Brian Graff, executive director of the American Society of Pension Professionals & Actuaries, Arlington, Va., which supports Miller’s bill.
The issues involved are too important to be resolved in a hurried manner, says Jason Hammersla, a spokesman for the American Benefits Council, Washington.