<nobr>Jul 26, 2007</nobr>

Statement Regarding Representative George Miller's legislation, the 401(k) Fair Disclosure for Retirement Security Act of 2007

Statement by ERIC President Mark Ugoretz regarding Representative George Miller's legislation:

"ERIC strongly believes that employees should have access to information on fees that materially impacts their ability to make sound investment decisions. The Department of Labor is preparing to draft regulations to improve disclosures to participants. ERIC just last week filed extensive recommendations on how to improve the disclosure of information that employees need. While we believe that the Department has ample authority and experience to issue meaningful regulations without new legislation, ERIC will review Rep. Miller's proposal to see if it is consistent with the approach that will get the job done in a timely and effective manner. We are also concerned that the legislative process may in fact delay rather than ensure the issuance of new disclosure rules that employees and employers need."

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For more information:
Ted Godbout
Manager, Communications
The ERISA Industry Committee
1400 L Street, NW, Suite 350
Washington, DC 20005
Phone: (202) 789-1400
Fax: (202) 789-1120
E-mail: tgodbout@eric.org
www.eric.org

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