By Jay Heflin - 07/16/10 09:30 PM EDT
"I am pleased that the Department of Labor has taken this important step to ensure that employers have information on the fees and conflicts of interest contained in the 401(k) plans they sponsor," he said in prepared remarks. "With families making the difficult decision to put something away for retirement, it is vital that these plans work for the benefit of plan participants, not Wall Street's bottom line."
Miller sought to include a disclosure fee requirement in the so-called tax extenders bill. The measure was included in the House version, but was stripped from the Senate bill. Despite the efforts by Labor, Miller would still like to see the requirement become law.
"Americans are understandably anxious about their retirement savings, and this rule is intended to provide employers with the critical information needed so that workers can get a good deal," Miller said. "That is why I will continue to support the Department's efforts on fee disclosure through regulation and continue to fight for my legislation that would codify these consumer protections into law for all 401(k)-style plans."