MMC announces brand new partnership with HireRight, the industry's leading provider of on-demand background checks.
Legislative Update: House Panel Approves 401(k) Transparency Bill
Written by: 401k Advisors, MMC's affiliated company If the bill passes, plan sponsors will be required to provide information regarding each investment option such as their historical risk, returns and fees. Fees would have to be disclosed to participants on a quarterly basis. In addition, in order to be protected under ERISA section 404(c) the legislation would require a plan to provide at least one low-cost index fund within their investment menu. This requirement does not presently exist for 404(c) protection. Also included in the bill are more stringent requirements for providing individual investment advice. More specifically, the bill intends to remove potential conflicts of interest. However, many within the industry as well as members of Congress and representatives of the Department of Labor oppose this component of the bill claiming that it may preclude individuals and organizations best suited to providing individual investment advice. While we are confident that the bill will pass, we are less certain which of the provisions will be included in its final form. As always, we will keep you up to date regarding your responsibilities.
Go back to MMC August 09 HR E-Newsletter
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