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 Unveils HELP Committee Investigation Revealing Widespread Labor Law Violations Among Major Government Contractors [Chairman]
- Statement of Senator Tom Harkin (D-IA) At the HELP Committee Hearing: “Nomination of Dr. David Weil to Serve as Administrator of the Wage and Hour Division, Department of Labor” [Chairman]
- Harkin, 31 Senate Democrats Call to Reauthorize Critical Unemployment Insurance Program [Chairman]
- Harkin: Job Growth is Encouraging, But We Must Still Act to Extend Vital Unemployment Insurance [Chairman]
- Harkin Statement on President’s Speech Addressing Income Inequality, Need to Raise Minimum Wage [Chairman]
- On International Day of Persons with Disabilities, Harkin Renews Call for Senate to Ratify Convention on the Rights of Persons with Disabilities [Chairman]