3.0.0 401 2020-02-10T17:01:04Z 2020-02-10T17:01:04Z Senate S S 2009-02-09 111 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2009-02-09T23:47:26Z 401(k) Fair Disclosure for Retirement Security Act of 2009 111 1984 HR 2009-06-17 Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 . Related bill CRS Conflicted Investment Advice Prohibition Act of 2009 111 1988 HR 2009-06-17 Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 . Related bill CRS 401(k) Fair Disclosure and Pension Security Act of 2009 111 2989 HR 2010-05-28 Placed on the Union Calendar, Calendar No. 284. Related bill CRS Sensible Transparency for Retirement Plans Act of 2009 111 4146 HR 2010-01-04 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Related bill CRS 2009-02-09 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2009-02-09 Introduced in Senate IntroReferral 10000 9 Library of Congress H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD N K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. 2009-02-09 True Labor and Employment Administrative law and regulatory procedures Contracts and agency Department of Labor Employee benefits and pensions Financial services and investments Government information and archives Small business Labor and Employment 00 2009-02-09 Introduced in Senate 2009-03-17T14:38:43Z Defined Contribution Fee Disclosure Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement from contracting for services to the plan unless the administrator has received in advance a written statement that describes the services to be provided, identifies any other entity performing such services, provides the expected total annual service charges allocated among specified components, and discloses financial relationships with, or free or discounted services provided by, other parties. Limits applicability of such requirements to contracts for services with a total cost that equals or exceeds $5,000 per plan year or .01% of the value of plan assets at the end of the preceding plan year.

Requires an individual account plan administrator that permits a participant or beneficiary to exercise control over account assets to provide to the participant or beneficiary a notice containing specified information on investment options 15 days prior to the participant's initial investment and the effective date of any material change in such options.

Requires the Secretary of Labor to prescribe a model statement and a model notice.

Requires the Secretary to make available to small employers: (1) educational and compliance materials concerning service providers; and (2) services to assist in finding and understanding affordable investment options.

Requires the Secretary to: (1) survey and publish annually any data on plan investment options; (2) notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes compliance; (3) annually audit a representative sampling of individual account plans; and (4) recommend ways to simplify employee pension plan reporting and disclosure requirements.

]]> Defined Contribution Fee Disclosure Act of 2009 Short Titles as Introduced Defined Contribution Fee Disclosure Act of 2009 Display Title Defined Contribution Fee Disclosure Act of 2009 Official Title as Introduced A bill to amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual accounts plans and for other purposes. Introduced in Senate 2009-02-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s401is/xml/BILLS-111s401is.xml 2009-02-09 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.