Congress should consider putting tougher retirement plan fee disclosure laws in the Employee Retirement Income Security Act, according to U.S. Government Accountability Office officials.
Current fee information availability varies greatly with plan type, the officials write in a report prepared for House Ways and Means Committee Chairman Charles Rangel.
“Congress should consider amending ERISA to require sponsors to disclose fee information to facilitate comparisons,” GAO officials write in a summary of the report.
Congress also should consider giving the U.S. Department of Labor, which already has authority over some 403(b) plans, authority over all 403(b) plans, officials write.
The Internal Revenue Service should develop guidance on sponsor involvement, collect additional data on 457(b) plans and share more information with financial regulators, officials write.