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.
- Murray, Democrats Launch Effort Highlighting Benefits of Prevention and Public Health Fund for Families and Communities [Ranking Member]
- GAO Report Shows Drastic State Cuts to UI Benefits Harmed Job Seekers & Increased Costs for U.S. Taxpayers [Ranking Member]
- Alexander, Murray Announce Higher Education Act Reauthorization Working Groups [Ranking Member]
- Alexander, Murray Announce Higher Education Act Reauthorization Working Groups [Chairman]
- Murray: Accountability is Key for Protecting Taxpayer Dollars and Helping Students Succeed in Higher Ed [Ranking Member]
- Alexander: If Colleges Share in the Risk of Student Loan Defaults, They Can Help Reduce Overborrowing—and the Cost of College [Chairman]