401(k) disclosure bill mired, says congressman

Legislation requiring greater disclosure about 401(k) fees will not be moved through Congress this year, the chairman of the House Education and Labor Committee said yesterday. “We’re not going to move it,” said Rep. George Miller, D.-Calif., according to Congress Daily AM. “We don’t see the president signing it.” Referring to the year-end adjournment of Congress, he added: “With the amount of time left, it’s just too difficult to get anything through the Senate anyway.” Mr. Miller said that he has not been able to work out differences between his 401(k) fee bill, which includes a controversial provision that would require 401(k)s to offer at least one low-cost index fund, and House Ways and Means Committee legislation, which does not include the requirement. The Education and Labor Committee approved Mr. Miller’s 401(k) fee bill in April. The bill has generated controversy because employer groups and 401(k) service providers have called for allowing the Bush administration to finish the rulemaking process it has begun to enhance fee disclosure. The Ways and Means Committee is not expected to move any 401(k) legislation this year.