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.