DOL Official Backs Full Fee Disclosure for 401(k)s in Senate Testimony

The assistant secretary of labor for the U.S. Department of Labor’s Employee Benefits Security Administration testified before a Senate Committee Wednesday about proposing initiatives that would require 401(k)-type plans to become more transparent.

Bradford P. Campbell spoke before the Senate Committee on Health, Education, Labor and Pensions about initiatives to make it easier for an estimated 65 million workers, employee benefit plan fiduciaries and the government to get full disclosure about the fees and expenses that plans charge. His testimony focused on three regulatory initiatives to improve fee disclosure and transparency in a manner that is appropriate and cost-effective for workers and plan fiduciaries.

"Together these rules will ensure that millions of American workers and plan officials get the information they need to make informed decisions about plan services and investments. Our ultimate goal is to ensure that plans and workers pay only fair, competitive and transparent prices for services to their plans," Campbell said.

In his testimony, one of Campbell’s key points was a proposed rule that would make it easier for workers covered by 401(k)-type plans to make informed retirement decisions by providing them with fee and expense information for investment options available under their plans. A proposal released on July 23, suggested a model chart that would provide this information in an easy-to-read, comparative format. Campbell’s proposal also included a provision that would require 401(k) providers to disclose in writing the services they would provide to the plan and all of the compensation they would receive.

Download Center

HTML - No Current Item Deck
  • Get the Ultimate Guide to OSHA Recordkeeping

    OSHA’s Form 300A posting deadline is February 1! Are you prepared? To help answer your key recordkeeping questions, IndustrySafe put together this guide with critical compliance information.

  • Steps to Conduct a JSA

    We've put together a comprehensive step-by-step guide to help you perform a job safety analysis (JSA), which includes a pre-built, JSA checklist and template, steps of a JSA, list of potential job hazards, and an overview of hazard control hierarchy.

  • Levels of a Risk Matrix

    Risk matrices come in many different shapes and sizes. Understanding the components of a risk matrix will allow you and your organization to manage risk effectively.

  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Industry Safe
TenCate FR Technology

OH&S Digital Edition

  • OHS Magazine Digital Edition - October 2020

    October 2020

    Featuring:

    • FACILITY SECURITY
      EHS Compliance: Make it Personal
    • FOOT PROTECTION
      Choosing the Right Safety Shoe for Your Industry
    • HAND PROTECTION
      A Requirements Checklists for Work Safety Gloves
    • COVID-19 MANAGEMENT
      Contemporary Issues in HSE Management
    View This Issue