House Education and Labor Committee Chairman George Miller (D-Calif.) submitted legislation Thursday that would require 401(k) administrators to disclose fees to investors each year, clearly and simply, along with any potential conflicts of interest.

“Hidden fees are eating into the retirement savings of millions of American workers without them knowing it,” Miller said. “Workers and employers need better information about fees in order to make well-informed decisions about basic things like which plans and investment options will give them the best deal.”

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