Defined Contribution Fee Disclosure Act of 2007
Latest action · Dec 13, 2007 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 13, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Defined Contribution Fee Disclosure Act of 2007 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement from contracting for services to the plan unless the administrator has received in advance a written statement that describes the services to be provided, identifies any other entity performing such services, provides the expected total annual service charges allocated among specified components, and discloses financial relationships with, or free or discounted services provided by, other parties. Limits applicability of such requirements to contracts for services with a total cost that equals or exceeds $5,000 per plan year or .01% of the value of plan assets at the end of the preceding plan year.
Requires an individual account plan administrator that permits a participant or beneficiary to exercise control over account assets to provide to the participant or beneficiary a notice containing specified information on investment options 15 days prior to the participant's initial investment and the effective date of any material change in such options.
Requires the Secretary of Labor to prescribe a model statement and a model notice.
Requires the Secretary to make available to small employers: (1) educational and compliance materials concerning service providers; and (2) services to assist in finding and understanding affordable investment options.
Requires the Secretary to: (1) annually survey and publish data on plan investment options; (2) notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes compliance; (3) annually audit a representative sampling of individual account plans; and (4) recommend ways to simplify employee pension plan reporting and disclosure requirements.
Cosponsors 1
Members who signed on, in the order they did. All signed on Dec 13, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WI | Herb Kohl | Original | Dec 13, 2007 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Health, Education, Labor, and Pensions Committee | Referred Dec 13, 2007 |
Actions 3
Everything that happened, newest first.
- Dec 13, 2007Introduced in Senate
- Dec 13, 2007Sponsor introductory remarks on measure. (CR S15467-15468)
- Dec 13, 2007Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S15467, S15468 | Herb Kohl D-WI, Tom Harkin D-IA | Dec 13, 2007 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 110-999 | 401(K) FEE DISCLOSURE: HELPING WORKERS SAVE FOR RETIREMENT90 pages | Health, Education, Labor, and Pensions Committee | Sep 17, 2008 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and for other purposes.
- Short Titles as Introduced
- Defined Contribution Fee Disclosure Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Dec 13, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
