Bill > S4361

This bill, the Savvy Saver Act, has two key provisions: 1. It requires the Secretary of Labor to review the Department of Labor's regulation on fee disclosures for defined contribution retirement plans (such as 401(k) plans), study how to improve the content and design of these disclosures to enhance participants' understanding of fees and expenses and their cumulative impact on retirement savings, and submit a report to Congress with recommendations. 2. It requires the Secretary of Labor, the Secretary of the Treasury, and the Director of the Pension Benefit Guaranty Corporation to review the reporting and disclosure requirements under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code that apply to pension and retirement plans, assess the effectiveness of these requirements, and submit a report to Congress with recommendations on how to consolidate, simplify, standardize, and improve these requirements to better enable plan participants to monitor their plans, plan for retirement, and obtain their earned benefits.

Health and Social Services

https://www.congress.gov/bill/117th-congress/senate-bill/4361/all-info