H.R. 3185 · 110th Congress
401(k) Fair Disclosure for Retirement Security Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MillerSponsor2 cosponsors · 2 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
401(k) Fair Disclosure for Retirement Security Act of 2007 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement to enter into any contract for services to the plan without a written statement that identifies who will be…
What it does: CRS summary · Introduced in House · Jul 26, 2007
401(k) Fair Disclosure for Retirement Security Act of 2007 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement to enter into any contract for services to the plan without a written statement that identifies who will be performing such services, describes each such service, and specifies the expected total annual cost of such services. Requires the Secretary of Labor to prescribe a model statement that may be used for purposes of satisfying such requirements. Limits the requirements for such a statement to contracts for services if the total cost for such services equals or exceeds $1,000.
Requires an administrator of an individual account plan that permits participants or beneficiaries to exercise control over their account assets to: (1) provide to each such participant or beneficiary a notice of the investment options available for election, including a fee menu and an annual benefit statement; and (2) include at least one investment option that is a nationally recognized market-based index fund that meets certain requirements.
Requires the Secretary to make available to small employers: (1) educational and compliance materials to assist in selecting and monitoring service providers for individual account plans, investment options, and fees; and (2) services to assist in finding and understanding affordable investment options for such plans.
Establishes in the Department of Labor (DOL) an Advisory Council on Improving Employer-Employee Retirement Practices. Requires the Council to issue an annual report on the state of U.S. retirement income security.
Sets forth provisions regarding enforcement of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 401(k) Fair Disclosure for Retirement Security Act of 2007
Latest action (Apr 16, 2008): Committee Consideration and Mark-up Session Held.
Policy area: Labor and Employment · Origin: House · Introduced: Jul 26, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.