S. 401: Defined Contribution Fee Disclosure Act of 2009
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S. 401: Defined Contribution Fee Disclosure Act of 2009
111th Congress · introduced 2009-02-09 · Labor and Employment · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
federal
Follow this bill, step by step
- Where it came from: introduced 2009-02-09 · official record
- Who proposed it: Sen. Harkin, Tom [D-IA] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Defined Contribution Fee Disclosure Act of 2009
Plain summary
Defined Contribution Fee Disclosure Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan that includes a qualified cash or deferred arrangement from contracting for services to the plan unless the administrator has received in advance a written statement that describes the services to be provided, identifies any other entity performing such services, provides the expected total annual service charges allocated among specified components, and discloses financial relationships with, or free or discounted services provided by, other parties. Limits applicability of such requirements to contracts for services with a total cost that equals or exceeds $5,000 per plan year or .01% of the value of plan assets at the end of the preceding plan year. Requires an individual account plan administrator that permits a participant or beneficiary to exercise control over account assets to provide to the participant or beneficiary a notice containing specified information on investment options 15 days prior to the participant's initial investment and the effective date of any material change in such options. Requires the Secretary of Labor to prescribe a model statement and a model notice. Requires the Secretary to make available to small employers: (1) educational and compliance materials concerning service providers; and (2) services to assist in finding and understanding affordable investment options. Requires the Secretary to: (1) survey and publish annually any data on plan investment options; (2) notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes compliance; (3) annually audit a representative sampling of individual account plans; and (4) recommend ways to simplify employee pension plan reporting and disclosure requirements.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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What does this mean? (plain words)
Official text
Defined Contribution Fee Disclosure Act of 2009
Source: Congressional Research Service summary (Introduced in Senate)
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Harkin, Tom [D-IA] · 1 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (1)
- Securities
- Financial investments that can be bought and sold, such as stocks and bonds.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s401.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>
Record fed-us-cong111-s401 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111