Bill to Beef Up Fee Disclosure, Understanding Introduced

Legislation introduced in the Senate June 8 would encourage steps to increase participants’ understanding of plan fees and expenses could wind up in the RISE & SHINE Act.

The “Savvy Savers Act” would require the Department of Labor to conduct a study and report to Congress on the effectiveness of disclosures and their transparency for self-directed retirement accounts and pension accounts. It is sponsored by Sen. Ben Ray Luján (D-NM), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee.

According to a press release, it would also direct the DOL to review reporting and disclosure requirements and make recommendations to Congress to consolidate, simplify, standardize and improve such requirements.   

The bill is part of the HELP Committee’s bipartisan Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (a.k.a. RISE & SHINE Act), that was introduced June 7 and will be marked up in committee June 14.