Rep. George Miller (D-CA), senior Democrat on the committee, was recently honored as one of five "Legends" by Plan Adviser Magazine, a leading publication for advisers and consultants for retirement plans. In its latest issue, the magazine profiled Rep. Miller, highlighting his work on retirement security:
The legislation would expose hidden 401(k) fees that eat into workers’ retirement security. The Department of Labor estimated that a one-percentage point difference in fees can reduce overall retirement savings by 28 percent over a lifetime.
The profile is also quick to note that under Rep. Miller's leadership in the 111th and 110th Congress, the Education and Labor Committee shepherded 14 bills that were signed into law and dozens of others that passed the House -- including several on the issue of retirement and health plans. This made the committee the most productive Education and Labor Committee in the history of the House of Representatives.
For more information on Rep. Miller and the committee's work around the issue of retirement, click here.
George Miller was touting “fee disclosure” long before it was the industry buzzword it is today (he has said that retirement accounts “should not just be the happy hunting grounds for fees and commissions”). He has been an outspoken critic of “conflicted” advice, introducing legislation to improve fee disclosure more than once.”
The legislation would expose hidden 401(k) fees that eat into workers’ retirement security. The Department of Labor estimated that a one-percentage point difference in fees can reduce overall retirement savings by 28 percent over a lifetime.
Miller emphasizes that, for middle-class families to save, they have to make sacrifices to do so, so this money, and how it is handled, is extremely important to them. “It’s not the financial services industry’s money,” says Miller. “It’s that family’s money.” The financial services industry, he says, owes those middle-class workers the highest level of fiduciary duty in every aspect of the handling of those savings.
The profile is also quick to note that under Rep. Miller's leadership in the 111th and 110th Congress, the Education and Labor Committee shepherded 14 bills that were signed into law and dozens of others that passed the House -- including several on the issue of retirement and health plans. This made the committee the most productive Education and Labor Committee in the history of the House of Representatives.
For more information on Rep. Miller and the committee's work around the issue of retirement, click here.