Luján Introduces Legislation to Require Transparency from Retirement Plans

Washington, D.C. – Today, U.S.Senator Ben Ray Luján (D-N.M.) introduced the Savvy Savers Act, which would build toward more transparency for Americans planning for retirement. This common-sense bill would require the Department of Labor (DOL) to conduct a study and report to Congress 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.

“Planning for your financial future is complicated at any age,” said Luján. “Retirement plan disclosures are important tools for retirees and employees to understand the fees they pay, how they are managed, and any conflicts of interest. But many employees saving for retirement do not understand these disclosures through no fault of their own. This legislation would demystify the retirement process for working Americans, who are bogged down by bulky paperwork full of legalese. My bill would ensure the DOL and Congress collaborate to work toward clear and simple disclosures in retirement planning for all workers.”

Text of the full legislation is available HERE.