401(k) Fair Disclosure for Retirement Security Act Passes US House Labor Committee

We are pleased to see that H.R. 3185, the 401(k) Fair Disclosure for Retirement Security Act, was recently passed by the House Education and Labor Committee. We think that plan participants have a right to know exactly how much they are paying in fees to the financial services companies that manage and administer their 401(k) plans.

Says Rep. George Miller, chairman of the Committee, "For too long, companies in the financial services industry have maintained a stranglehold on retirement savings that they didn't earn and that don't belong to them. The purpose of this legislation is to take these hard-earned savings away from the special interests and return them to their rightful place – the retirement accounts of American workers. Workers are entitled to clear and complete information about their own savings."

We couldn't agree more.

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