PlainBillCongress, translated.Legislation. Context. Public interest.Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 .
Congressional Research Service
Version 00 · Introduced in House · Apr 21, 2009
401(k) Fair Disclosure for Retirement Security Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan from contracting for services (including the offering of any investment option) to the plan unless the administrator has received in advance a written statement that: (1) specifies the services to be provided; (2) provides the expected total annual service charges allocated among specified components; and (3) discloses the impact of different mutual fund investment share classes as well as financial relationships with, or free or discounted services provided by, service providers. Limits applicability of such requirements to contracts or arrangements for services with a total cost reasonably expected to equal or exceed $5,000 per plan year.
Continues to shield an individual account plan fiduciary from liability (as under current law) for any loss resulting from a plan participant's or beneficiary's exercise of control over the plan's assets, but only if the plan includes at least one investment option which: (1) is an unmanaged or passively managed mutual fund with a portfolio of securities designed to substantially match the performance of the entire U.S. equity market or the entire U.S. bond market, or a combination of them; (2) offers a combination of historical returns, risk, and charges likely to meet retirement income needs at adequate levels of contribution; and (3) is offered without any endorsement of the government or the plan sponsor.
Requires the Secretary to notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes requirement compliance.
People & committees
Rep. Miller, George [D-CA-7] · D–CA
Legislative record
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Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 .
Subcommittee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Referred to the House Committee on Education and Labor.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Mar 23, 2026. Consult Congress.gov for the current record.
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