Both Congress and the Department of Labor are working independently to strengthen oversight of 401(k) plans, most notably eliminating hidden fees, the Los Angeles Times reports.
“All of these fees and commissions, all of these charges at some point end up coming out of the 401(k) owner’s account,” said Rep. George Miller (D-Calif.), chairman of the House Committee on Education and Labor, who said he plans to hold hearings on the topic. “I think we have an obligation to make sure that those costs are proper.”
DOL, meanwhile, is working on three separate proposals to make 401(k) fees more transparent. “We’re very focused on getting these new proposals out the door and moving,” said Bradford Campbell, acting Assistant Labor Secretary. “Improved disclosures in this area are very important.”