NEWS RELEASE
September 17, 2008
PR-08/18
For additional information:
Jason Hammersla
202-289-6700
Council available to comment on Senate hearing, principles for retirement plan fee disclosure
| WHO:
| Lynn Dudley, senior vice president, policy, American Benefits Council
Diann Howland, vice president, legislative affairs, American Benefits Council
Jan Jacobson, senior counsel, retirement policy, American Benefits Council
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| WHAT, WHEN, WHERE:
| The U.S. Senate Committee on Health, Education, Labor and Pensions (HELP) will hold the hearing 401(k) Fee Disclosure: Helping Workers Save for Retirement on Wednesday, September 17 at 10:00 a.m. in Dirksen Senate Office Building #430.
"As the Senate Health, Education, Labor and Pensions Committee hears testimony today on defined contribution plan fees, we urge them to carefully consider the implications of any legislative and regulatory action," said Lynn Dudley, senior vice president, policy for the American Benefits Council. "The role of section 401(k) plans in providing retirement security has grown tremendously over the last 25 years and is continuing to grow. We must ensure that these plans function in such a way as to help participants achieve retirement security. At the same time, we all must bear in mind that unnecessary burdens and cost imposed on these plans will slow their growth and reduce participants' benefits, thus undermining the very purpose of the plans. "
The Council is not testifying at this hearing but will be available to respond to media inquiries about the implications of disclosure legislation on employer-sponsored defined contribution plans. |
| CONTACT:
| For interviews with Council staff following the hearing, please contact Jason Hammersla, Council director, communications & publications, at jhammersla@abcstaff.org or by phone at 202-289-6700.
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The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Councils member's represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.
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