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WASHINGTON--House Ways and Means Committee Chairman Charles Rangel, D-N.Y., said he intends to hold hearings on legislation introduced last week that would require 401(k) plan administrators to disclose in clear and simple language the fees imposed on plan participants.
The legislation, introduced by Rep. George Miller, D-Calif., who chairs the House Education and Labor Committee, also would require plan sponsors to include at least one lower-cost, balanced index fund in its investment line-up.
Rep. Rangel on Friday said the fee disclosure legislation is "of vital importance" to 401(k) plan participants and that he is looking forward to developing a "reasonable and balanced" approach that will meet the needs of participants and employers.