Congressional Testimony on 401k Fees

On March 6, 2007, the U.S. House Education and Labor Committee, chaired by Rep. George Miller (D-CA), held hearings on "Hidden 401k Fees Undermining Retirement Security?"

"Today, because of weak disclosure rules, most workers don't even know how much they are paying in fees," said Chairman George Miller.

These hearings may be a prelude to legislation addressing this issue, so the testimony given by the witnesses before the Committee can provide an insight into the direction this legislation may take.

You can see the actual recorded hearing here.

401khelpcenter.com has obtained transcripts of the witnesses that appeared before the committee.

Witnesses and Their Testimony

Barbara Bovbjerg
Director for Education, Workforce and Income Security Issues
U.S. Government Accountability Office
Washington, D.C.
» To read Ms. Bovbjerg's testimony before the committee, click here.

Matthew Hutcheson
Independent Pension Fiduciary
Tigard, Oregon
» To read Mr. Hutcheson's testimony before the committee, click here.

Stephen Butler
President and Founder
Pension Dynamics Corporation
Contra Costa County, CA
» To read Mr. Butler's testimony before the committee, click here.

Robert Chambers, Esq.
Partner, Helms, Mulliss & Wicker, PLLC and Chairman, American Benefits Council
Charlotte, NC
» To read Mr. Chambers' testimony before the committee, click here.

Written Testimony Submitted by Other Parties

American Society of Pension Professionals & Actuaries (ASPPA)
» To read the text of ASPPA's comments, click here.

Update: March 6, 2007