Sensible Transparency for Retirement Plans Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require a service provider which contracts or makes arrangements with a party in interest for office space, or legal, accounting, or other reasonable services necessary for the establishment or operation of a defined benefit plan and defined contribution pension plan to disclose to the plan administrator: (1) the services to be provided; and (2) the total compensation to be received for them.
Requires the plan administrator of an individual account plan that permits a participant or beneficiary to exercise control over account assets to provide to the participant or beneficiary a notice containing the direct fees and expenses charged against the account and information on investment options 10 business days before the participant's initial investment and the effective date of any material change in such information.
Adds new requirements for quarterly benefit statements, including specified periodic account information for participants and beneficiaries. Allows plans with 100 or fewer participants and beneficiaries to issue an annual pension benefit statement instead of quarterly statements.
Requires the Secretary to make available to: (1) employers educational and compliance materials concerning compliance with requirements for disclosure of investment options to plan participants or beneficiaries; and (2) participants and beneficiaries educational materials to assist them in understanding such disclosures.
Prescribes civil penalties for plan administrators or other persons who fail or refuse to provide required pension benefit statements to plan participants or beneficiaries.