Sec. 340. Defined contribution plan fee disclosure improvements
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Not later than 3 years after the date of enactment of this Act, the Secretary of Labor shall— review section 2550.404a–5 of title 29, Code of Federal Regulations (relating to fiduciary requirements for disclosure in participant-directed individual account plans); explore, through a public request for information or otherwise, how the contents and design of the disclosures described in such section may be improved to enhance participants’ understanding of fees and expenses related to a defined contribution plan (as defined in section 3 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002 )) as well as the cumulative effect of such fees and expenses on retirement savings over time; and report to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and Labor of the House of Representatives on the findings of the exploration described in paragraph (2), including beneficial education for consumers on financial literacy concepts as related to retirement plan fees and recommendations for legislative changes needed to address such findings.
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Sec. 340
Defined contribution plan fee disclosure improvements
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