Core Provisions: The 401(k) Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984) would amend ERISA to provide special reporting and disclosure rules for individual account plans. The bill would require clear and complete disclosure to plan participants of fees taken from 401(k) accounts. The plan must provide each plan participant with the total sum of fees taken from his or her account, and participants also have the authority to request more detailed information from the plan administrator. The bill also requires that all 401(k) plans include at least one index fund as an option. The legislation gives the Department of Labor authority to review compliance with the disclosure requirements and to impose penalties for violations.
Status: H.R. 1984 was introduced by Rep. George Miller (D-CA) on April 21, 2009 and referred to the Committee on Education and Labor. The Health, Employment, Labor, and Pensions Subcommittee held a hearing on the bill on April 22, 2009. The committee approved a similar bill in the 110th Congress (H.R. 3185), but the bill was not acted upon thereafter.