FOR IMMEDIATE RELEASE
June 16, 2010
Contact: AARP Media Relations, 202-434-2560, email@example.com
AARP TO SENATE: INCLUDE IMPORTANT RETIREMENT SAVINGS MEASURE IN FINAL EXTENDERS PACKAGE
AARP joins consumer groups, Congressional leadership in urging Senate to restore House-passed 401(k) fee disclosure provision in American Jobs (H.R. 4213) bill.
WASHINGTON – AARP today joined other consumer groups and House Education and Labor Committee Chairman George Miller today in pushing for Senate approval of a 40l(k) fee disclosure provision in major jobs and tax legislation (H.R. 4213) currently before Congress.
At a press conference at the House Education and Labor Committee, Cristina Martin Firvida, AARP’s Director of Government Relations for Economic Security, said that “Congress should work to provide comprehensive, informative and timely disclosure of fees to 40l(k) plan participants and to do so as soon as possible.”
Firvida emphasized that accurate fee disclosure helps retirement plan participants “better prepare for a financially secure retirement.”
She added that the Government Accountability Office has estimated that $20,000 left in a 40l(k) account that had a one percentage point higher fee for 20 years would result in a more than 17 percent reduction – over $10,000 – in the individual’s account balance.
A 40l(k) fee disclosure requirement was included in the American Jobs and Closing Tax Loopholes Act of 2010, which the House of Representatives approved on May 28. Firvida noted that the Senate has thus far excluded a fee disclosure provision as it considers the jobs and tax legislation.
Yesterday, AARP Senior Vice President David Sloane sent a letter to Senate leaders stating that AARP was concerned that a 40l(k) fee disclosure provision had been omitted from the Senate substitute amendment to H.R. 4213.
For copies of the letter by David Sloane or the statement by Cristina Martin Firvida, please contact AARP Media Relations at 202-434-2560.
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.7 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.