117 HR 7284 IH: Informed Savers Act U.S. House of Representatives 2022-03-30 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.

I117th CONGRESS2d SessionH. R. 7284IN THE HOUSE OF REPRESENTATIVESMarch 30, 2022Ms. Wild (for herself and Ms. Letlow) introduced the following bill; which was referred to the Committee on Education and LaborA BILLTo direct the Secretary of Labor to improve defined contribution plan fee disclosures.

1.

Short title

This Act may be cited as the Informed Savers Act.

2.

Defined contribution plan fee disclosure improvements

Not later than 2 years after the date of enactment of this Act, the Secretary of Labor shall review section 2550.404a–5 of title 29, Code of Federal Regulations, and explore how the content and design of the covered disclosures may be improved to enhance participants’ understanding of fees and expenses as well as the cumulative effect of fees and expenses on retirement savings over time. As part of such review, the Secretary shall conduct outreach to stakeholders, including those representing plan sponsors and retirement plan participants.