H.R.7284 - Informed Savers Act was cosponsored by Julia Letlow.
It was referred to the Education and Labor committee.
This bill requires the Department of Labor to review the fee disclosure requirements associated with the administration of defined contribution retirement plans.
117th CONGRESS 2d Session |
To direct the Secretary of Labor to improve defined contribution plan fee disclosures.
March 30, 2022
Ms. Wild (for herself and Ms. Letlow) introduced the following bill; which was referred to the Committee on Education and Labor
To direct the Secretary of Labor to improve defined contribution plan fee disclosures.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
This Act may be cited as the “Informed Savers Act”.
SEC. 2. Defined contribution plan fee disclosure improvements.
Not later than 2 years after the date of enactment of this Act, the Secretary of Labor shall review section 2550.404a–5 of title 29, Code of Federal Regulations, and explore how the content and design of the covered disclosures may be improved to enhance participants’ understanding of fees and expenses as well as the cumulative effect of fees and expenses on retirement savings over time. As part of such review, the Secretary shall conduct outreach to stakeholders, including those representing plan sponsors and retirement plan participants.
You can read the bill here.
