Fundsters interested in the 401(k) marketplace may want to take a look at H.R. 4213, the "American Jobs and Closing Tax Loopholes Act." The bill contains a version of the 401(k) fee disclosure bill championed for years by Representative George Miller
(D-California), the chairman of the House Education and Labor Committee.
"We need to ensure that 401(k)s are run in the best interests of accountholders, not for the sake of boosting Wall Street's bottom line," Miller stated Friday. "Guaranteeing the disclosure of hidden fees will give Americans a fighting chance to strengthen their retirement and increase our nation's future economic security."
If Miller's provision passes with the bill (it wasn't in the initial version of the Senate draft) and becomes law, his rules would trump 401(k) fee disclosure regs due out soon from the Department of Labor.
For more on the bill, see our sister publication, The 401kWire, 5/21/2010
Neil Anderson, Managing Editor
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