II 

117TH CONGRESS 

2D SESSION S. 4361 

To require reports to Congress on reporting and disclosure requirements 

related to retirement plans, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JUNE 8 (legislative day, JUNE 7), 2022 

Mr. LUJA ́N introduced the following bill; which was read twice and referred 

to the Committee on Health, Education, Labor, and Pensions 

A BILL 

To require reports to Congress on reporting and disclosure 

requirements related to retirement plans, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Savvy Saver Act’’. 

5 SEC. 2. DEFINED CONTRIBUTION PLAN FEE DISCLOSURE 

6 IMPROVEMENTS. 

7 Not later than 3 years after the date of enactment 

8 of this Act, the Secretary of Labor shall— 

9 (1) review section 2550.404a–5 of title 29, 

10 Code of Federal Regulations; 


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1 (2) study, through a public request for informa2 tion or otherwise, how the content and design of the 

3 disclosures described in such section may be im4 proved to enhance participants’ understanding of 

5 fees and expenses related to a defined contribution 

6 plan (as defined in section 3 of the Employee Retire7 ment Income Security Act of 1974 (29 U.S.C. 

8 1002)) as well as the cumulative effect of fees and 

9 expenses on retirement savings over time; and 

10 (3) submit a report to the Committee on 

11 Health, Education, Labor, and Pensions of the Sen12 ate and the Committee on Education and Labor of 

13 the House of Representatives on the findings of the 

14 study described in paragraph (2), including bene15 ficial education for consumers on financial literacy 

16 concepts as related to retirement plan fees, and rec17 ommendations for legislative changes needed to ad18 dress such findings. 

19 SEC. 3. REVIEW AND REPORT TO CONGRESS RELATING TO 

20 REPORTING AND DISCLOSURE REQUIRE21 MENTS. 

22 (a) STUDY.—As soon as practicable after the date of 

23 enactment of this Act, the Secretary of Labor, the Sec24 retary of the Treasury, and the Director of the Pension 

25 Benefit Guaranty Corporation shall review the reporting 


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1 and disclosure requirements as applicable to each such 

2 agency head, of— 

3 (1) the Employee Retirement Income Security 

4 Act of 1974 applicable to pension plans (as defined 

5 in section 3(2) of such Act (29 U.S.C. 1002(2)); and 

6 (2) the Internal Revenue Code of 1986 applica7 ble to qualified retirement plans (as defined in sec8 tion 4974(c) of such Code, without regard to para9 graphs (4) and (5) of such section). 

10 (b) REPORT.— 

11 (1) IN GENERAL.—Not later than 3 years after 

12 the date of enactment of this Act, the Secretary of 

13 Labor, the Secretary of the Treasury, and the Direc14 tor of the Pension Benefit Guaranty Corporation, 

15 jointly, and after consultation with a balanced group 

16 of participant and employer representatives, shall 

17 with respect to plans referenced in subsection (a) re18 port on the effectiveness of the applicable reporting 

19 and disclosure requirements and make such rec20 ommendations as may be appropriate to the Com21 mittee on Education and Labor and the Committee 

22 on Ways and Means of the House of Representatives 

23 and the Committee on Health, Education, Labor, 

24 and Pensions and the Committee on Finance of the 

25 Senate to consolidate, simplify, standardize, and imVerDate Sep 11 2014 05:28 Jun 09, 2022 Jkt 029200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4361.IS S4361

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1 prove such requirements so as to simplify reporting 

2 for such plans and ensure that plans can furnish 

3 and participants and beneficiaries timely receive and 

4 better understand the information they need to mon5 itor their plans, plan for retirement, and obtain the 

6 benefits they have earned. 

7 (2) ANALYSIS OF EFFECTIVENESS.—To assess 

8 the effectiveness of the applicable reporting and dis9 closure requirements, the report shall include an 

10 analysis, based on plan data, of how participants 

11 and beneficiaries are providing preferred contact in12 formation, the methods by which plan sponsors and 

13 plans are furnishing disclosures, and the rate at 

14 which participants and beneficiaries (grouped by key 

15 demographics) are receiving, accessing, under16 standing, and retaining disclosures. 

17 (3) COLLECTION OF INFORMATION.—The agen18 cies shall conduct appropriate surveys and data col19 lection to obtain any needed information. 

Æ 


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