The Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984) would require that firms seeking to provide services to 401(k) plans submit disclosure and conflicts of interest statements to plan administrators before signing contracts with the plans.
The required service disclosure statement would identify who would be performing services for the plan under the contract, and describe each service with a breakdown of their expected costs, including:
The conflicts of interest statement would detail any personal or financial relationship that the firm has with the employer, the plan, or other firm providing services to the plan. The statement would also state whether the service provider is receiving payments from others for providing services to the plan
Any participant in the 401(k) plan would have the right to make a written request for these statements, and the plan administrator would have to provide the statements within 30 days of the request.
Read Section 2 of the Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984).< Back