Informed Savers Act

Bill: 117-hr-7284
Sponsor: full_name: Rep. Wild, Susan [D-PA-7]
Introduced: 2022-03-30
Policy area: Labor and Employment
Latest action: action_date: 2022-03-30
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2022-03-30
action_desc: Introduced in House
text: <p><strong>Informed Savers Act</strong></p> <p>This bill requires the Department of Labor to review the fee disclosure requirements associated with the administration of defined contribution retirement plans.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7284 IN THE HOUSE OF REPRESENTATIVES March 30, 2022 Ms. Wild (for herself and Ms. Letlow ) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To direct the Secretary of Labor to improve defined contribution plan fee disclosures.

1. Short title This Act may be cited as the Informed Savers Act . 2. Defined contribution plan fee disclosure improvements Not later than 2 years after the date of enactment of this Act, the Secretary of Labor shall review section 2550.404a–5 of title 29, Code of Federal Regulations, and explore how the content and design of the covered disclosures may be improved to enhance participants’ understanding of fees and expenses as well as the cumulative effect of fees and expenses on retirement savings over time. As part of such review, the Secretary shall conduct outreach to stakeholders, including those representing plan sponsors and retirement plan participants.