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Increased 401(k) Oversight

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The Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984) would give the U.S. Department of Labor the authority to:

  • Coordinate with other government agencies after identifying service providers that have engaged in a pattern or practice that precludes the plan administrator from complying with the law.
  • Publicly identify and disseminate information to 401(k) plans regarding the above identified service providers.
  • Audit a representative sampling of plans to determine compliance.

The bill would also require the Department of Labor to study the current reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974. The Department would be required to submit a report to Congress with recommendations to improve the current reporting and disclosure requirements to ensure that understandable information is provided to participants and beneficiaries.

Read about the Department of Labor’s oversight in Section 4 of the Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984).

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