Sec. 2. Defined contribution plan fee disclosure improvements
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Not later than 2 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, and explore how the content and design of the covered disclosures may be improved to enhance participants’ understanding of fees and expenses as well as the cumulative effect of fees and expenses on retirement savings over time. As part of such review, the Secretary shall conduct outreach to stakeholders, including those representing plan sponsors and retirement plan participants.