Increased 401(k) Oversight and New Advisory Council

The Fair Disclosure for Retirement Security Act of 2007 (H.R. 3185) 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 establish an Advisory Council on Improving Employer-Employee Retirement Practices. The Council would consist of twelve members appointed by the President and Congressional Committees, with half representing participants. The Council would have authority to issue best practices guidelines, conduct hearings and issue an annual report on retirement trends and issues with recommendations for reform.

Read about the Advisory Council in Section 4 of the Fair Disclosure for Retirement Security Act of 2007 (H.R. 3185).

Read about the Department of Labor's oversight in Section 5 of the Fair Disclosure for Retirement Security Act of 2007 (H.R. 3185).