Last month, the House Ways and Means Committee, Chaired by Charles Rangel (D-NY), held a hearing to consider the appropriateness of fees associated with 401(k) plans and retirement accounts. The hearing comes in response to increased participation in defined contribution plans over the last twenty years, and the growing concern that fees assessed in connection with such plans are excessive and are eroding retirement assets. Discussions focused on fee disclosure issues, noting the need for increased detail in disclosures at the plan level because of the plan’s fiduciary responsibility. Examination of retirement fees by the House is still at the early stage of discussion.
We will continue to monitor this issue and provide updates at InsureReinsure.com.
To view transcripts of the witness testimonies, click here.