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CRS Issues Report on HR3185, the 401(k) Fee Disclosure Bill

The Congressional Research Service (CRS) has released a report called H.R. 3185: The 401(k) Fair Disclosure for Retirement Security Act of 2007. As households become more reliant on 401(k) plans for retirement income, policymakers have become more concerned that participants are unaware of the fees charged in their 401(k) plans. Small differences in fees charged can have large impacts on 401(k) account balances upon retirement. This report provides information on the kinds of fees that are charged in 401(k) plans and details the provisions of H.R. 3185, the 401(k) Fair Disclosure for Retirement Security Act as introduced on July 14, 2007. The bill was passed by the Committee on Education and Labor by a vote of 25-19 on April 16, 2008. The report will be updated to reflect other 401(k) fee disclosure legislation.

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