Compliance November 1, 2007

House Ways and Means Taps Public on Plan Fee Information Use

The U.S. House Ways and Means Committee has put a five-question survey on its Web site to garner public opinion about how participants use the fee information provided about their retirement plans.
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Included in the five-item survey are inquiries such as:

  • If you participate in an employer-sponsored 401(k), 403(b) or 457 pension plans, do you receive statements showing your account balances? If so, how often do you get these statements?
  • How much time do you spend reading the information contained in the statement?
  • Does your statement provide information about the fees you pay under the account?

The committee recently held a hearing to discuss the fees associated with 401(k), 403(b) and 457 retirement plans (See Ways and Means Hears Testimony on Appropriateness of Plan Fees).

The Senate Special Committee on Aging also held a hearing on October 24 to discuss 401(k) fees (See Kohl to Unveil Senate Version of 401(k) Fee Disclosure Legislation).

The House panel’s poll is available here.

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