By Jay Heflin - 06/18/10 03:19 PM EDT
Miller has repeatedly asked the Senate to include 401(k) disclosure fee rules in the tax extender bill, which the House included in its measure.
Federal law does not require investors to be informed about the fees taken out of their retirement accounts. The Government Accountability Office found that 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 over a number years.
An ICI spokesman told The Hill that the DOL rules will not only accomplish what Miller wants to achieve, but also that congressional interference on the matter would force the Department of Labor to postpone issuing their rules, which could be announced this summer.