Compliance November 1, 2007

House Ways and Means Taps Public on Plan Fee Information Use

The U.S. House Ways and Means Committee has put a five-question survey on its Web site to garner public opinion about how participants use the fee information provided about their retirement plans.
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Included in the five-item survey are inquiries such as:

  • If you participate in an employer-sponsored 401(k), 403(b) or 457 pension plans, do you receive statements showing your account balances? If so, how often do you get these statements?
  • How much time do you spend reading the information contained in the statement?
  • Does your statement provide information about the fees you pay under the account?

The committee recently held a hearing to discuss the fees associated with 401(k), 403(b) and 457 retirement plans (See Ways and Means Hears Testimony on Appropriateness of Plan Fees).

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The Senate Special Committee on Aging also held a hearing on October 24 to discuss 401(k) fees (See Kohl to Unveil Senate Version of 401(k) Fee Disclosure Legislation).

The House panel’s poll is available here.

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