WASHINGTON--One of the authors of legislation to enhance the transparency of 401(k) plan fees said the measure will not move this year in Congress, while the Department of Labor continues to work on their own disclosure rules.
"We're not going to move it," Rep. George Miller, D-Calif., chairman of the House Education and Labor Committee, told Congress Daily. "We don't see the presidentsigning it. And with the amount of time left, it's just too difficult to get anything through the Senate anyway."
Rep. Miller also cited differences with the House Ways and Means Committee, which also has a say because 401(k) plans are administered under the tax code and therefore fall under Ways and Means jurisdiction.
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