3/7/2007

Congress began hearings into the 401(k) industry as Democrats issued a call for more transparency in the fees charged in the retirement plans. "We have to ask whether all these fees are necessary and we have to examine whether they are undermining workers' retirement security," said Rep. George Miller, a Democrat from California and chairman of the House Education and Labor Committee. "There's a lot of people who are putting their hands into that money." Miller also said it was a "fair assumption" the committee would create legislation to force more disclosure.

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