Harkin Statement on New DOL 401(k) Fee Disclosure Regulation
Thursday, July 15, 2010Kate Cyrul / Bergen Kenny (202) 224-3254
WASHINGTON, D.C. – Senator Tom Harkin (D-IA), Chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee, released the following statement today regarding the Department of Labor’s (DOL) new regulation on 401(k) fee disclosure.
“I commend the Department of Labor for its efforts to shed light on excessive 401(k) fees. As more and more people rely on their 401(k) plans for retirement, it is crucial that workers have all the information they need to make sound investment decisions. Employees should be told everything about what they pay in fees upfront and in clear terms. Many people don’t realize that over many years, a small difference in fees can make a huge difference in their retirement nest egg. I look forward to working with the Department on efforts to further improve transparency and help workers make wise choices about their retirement plans.”
The full text of the regulation can be read here.
- Harkin: Jobs Report Emphasizes Need to Renew Federal Unemployment Insurance [Chairman]
- GOP Senators Call For Details on Administration Plan to Grant Exemptions from Electronic Health Records Regulations [Ranking Member]
- New Report: 57 Percent of Small Business Owners Support Harkin-Miller Proposal to Raise Minimum Wage to $10.10 [Chairman]
- Bicameral Coalition of Lawmakers Supports FDA’s Proposed Rule to Protect Consumers of Generic Drugs [Chairman]
- Alexander: Obama 10-Year Budget Never Balances, Adds $8 Trillion to Federal Debt [Ranking Member]
- Harkin, Whitehouse, Eshoo, and Lance Applaud Development of Pancreatic Cancer Research Framework [Chairman]