Senator Introduces Legislation Requiring the DOL Study on Fund Fee Transparency

Senator Ben Ray Lujan (D-NM) recently introduced legislation called the “Savvy Savers Act” (S.4361) that would require the Department of Labor (DOL) to conduct a study and report to Congress (within three years of enactment) on the effectiveness of disclosures and their transparency for self-directed retirement accounts and pension accounts. It would also direct the DOL to review reporting and disclosure requirements and make recommendations to Congress to consolidate, simplify, standardize, and improve such requirements. The bill was included in a larger package of retirement-related bills known as the “RISE & SHINE Act” (S.4353), shorthand for the “Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act,” which was advanced by the Senate Health, Education, Labor, and Pensions Committee. The measure received bipartisan support and is likely to advance to the Senate floor.

The legislation covers some similar issues as the House passed “Securing a Strong Retirement Act” (HR 2954) which passed the US House of Representatives in March. It is also different from additional retirement legislation expected to be taken up in the near future by the Senate Finance Committee, the so-called SECURE 2.0 package. The RISE & SHINE Act is likely to be paired with the Finance Committee’s legislation and then would need to be reconciled with the House-passed bill.