By Jay Heflin - 06/16/10 01:29 PM EDT
"It is unacceptable for the Senate to eliminate this key consumer protection for the 50 million Americans who have 401(k) plans," Miller said recently in prepared remarks. "We are going to continue to fight to put back these key reforms in this bill."
The Senate is expected to hold a procedural vote on the bill later on Wednesday. It is unclear if Senate Majority Leader Harry Reid (D-Nev.) has the support to advance the measure.
Senate Finance Committee Chairman Max Baucus (D-Mont.) is expected to piece together a trimmed-down substitute to the measure being voted on Wednesday. Miller will likely seek this bill as a vehicle for his disclosure provision.
Federal law does not require the disclosure of fees taken out of workers' 401(k)-style accounts. According to the Government Accountability Office, these fees can have a material impact on retirement plans. It states that a one-percentage-point difference in fees could cut retirement assets by nearly 20 percent.