<nobr>Jul 24, 2007</nobr>
ERIC and 11 Other Trade Associations Support Improved 401(k) Disclosure in Submission to Labor Department
WASHINGTON - ERIC and 11 other trade associations representing both employers that sponsor retirement savings plans and the financial institutions that provide services to such plans today submitted to the Department of Labor a set of joint recommendations for improved disclosure of key information to plan participants.
Underlying all the recommendations is a shared and strongly-held commitment to ensuring that Americans who rely on 401(k) and similar participant-directed plans receive clear, concise and meaningful information on the investments and key features of their plan, including the fees associated with participating.
The Department has solicited input on potential revisions to existing guidance governing fee disclosure to plan participants. The twelve organizations are pleased to assist in this effort, and believe the Department has the statutory authority and institutional expertise to address these issues through the regulatory process.
The twelve associations are American Bankers Association (ABA), American Benefits Council (ABC), American Council of Life Insurers (ACLI), The Committee on Investment of Employee Benefit Assets (CIEBA), The ERISA Industry Committee (ERIC), The Financial Services Roundtable (FSR), Investment Company Institute (ICI), National Association of Manufacturers (NAM), Profit Sharing/401k Council of America (PSCA), Securities Industry and Financial Markets Association (SIFMA), Society for Human Resource Management (SHRM), and U.S. Chamber of Commerce (Chamber).
See below for Joint Press Release and Joint Submission to DOL.
The ERISA Industry Committee
1400 L Street, NW, Suite 350
Washington, DC 20005
Phone: (202) 789-1400
Fax: (202) 789-1120
Joint Press Release
Joint DOL Submission
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