S. 2473 · 110th Congress
Defined Contribution Fee Disclosure Act of 2007
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
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
HarkinSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Defined Contribution Fee Disclosure 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 from contracting for services to the plan unless the administrator has received in advance a written statement that describes…
What it does: CRS summary · Introduced in Senate · Dec 13, 2007
Defined Contribution Fee Disclosure 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 from contracting for services to the plan unless the administrator has received in advance a written statement that describes the services to be provided, identifies any other entity performing such services, provides the expected total annual service charges allocated among specified components, and discloses financial relationships with, or free or discounted services provided by, other parties. Limits applicability of such requirements to contracts for services with a total cost that equals or exceeds $5,000 per plan year or .01% of the value of plan assets at the end of the preceding plan year.
Requires an individual account plan administrator that permits a participant or beneficiary to exercise control over account assets to provide to the participant or beneficiary a notice containing specified information on investment options 15 days prior to the participant's initial investment and the effective date of any material change in such options.
Requires the Secretary of Labor to prescribe a model statement and a model notice.
Requires the Secretary to make available to small employers: (1) educational and compliance materials concerning service providers; and (2) services to assist in finding and understanding affordable investment options.
Requires the Secretary to: (1) annually survey and publish data on plan investment options; (2) notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes compliance; (3) annually audit a representative sampling of individual account plans; and (4) recommend ways to simplify employee pension plan reporting and disclosure requirements.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Defined Contribution Fee Disclosure Act of 2007
Latest action (Dec 13, 2007): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Labor and Employment · Origin: Senate · Introduced: Dec 13, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.