House W&M Looking at
401(k) Fee Disclosure...Again
By Ryan Ellis
•
Thursday, June 11, 2009 3:50 pm
House Ways and Means Select Revenue Measures Subcommittee Chairman Richard Neal, D-Mass., has introduced legislation that would require greater disclosure of fees in 401(k) and other employer-sponsored retirement accounts by companies and plan administrators, coupled with tax penalties for failure to comply...Failure to provide such notices would result in a tax of $100 per day, capped at the lesser of $500,000 or 10 percent of a plan's assets.
There's nothing wrong with disclosure or transparency, but didn't the Department of Labor settle this last year? Talk about grandstanding by Congress.
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