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The Appropriateness of Retirement Plan Fees

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The Appropriateness of Retirement Plan Fees THE APPROPRIATENESS OF RETIREMENT PLAN FEES HEARING BEFORE THE COMMITTEE ON WAYS AND MEANS U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TENTH CONGRESS FIRST SESSION OCTOBER 30, 2007 Serial 110–64 Printed for the use of the Committee on Ways and Means ( U.S. GOVERNMENT PRINTING OFFICE 49–691 WASHINGTON : 2009 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 02:27 Jun 10, 2009 Jkt 049691 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 E:\HR\OC\X691A.XXX X691A smartinez on PROD1PC70 with HEARING COMMITTEE ON WAYS AND MEANS CHARLES B. RANGEL, New York, Chairman FORTNEY PETE STARK, California JIM MCCRERY, Louisiana SANDER M. LEVIN, Michigan WALLY HERGER, California JIM MCDERMOTT, Washington DAVE CAMP, Michigan JOHN LEWIS, Georgia JIM RAMSTAD, Minnesota RICHARD E. NEAL, Massachusetts SAM JOHNSON, Texas MICHAEL R. MCNULTY, New York PHIL ENGLISH, Pennsylvania JOHN S. TANNER, Tennessee JERRY WELLER, Illinois XAVIER BECERRA, California KENNY HULSHOF, Missouri LLOYD DOGGETT, Texas RON LEWIS, Kentucky EARL POMEROY, North Dakota KEVIN BRADY, Texas STEPHANIE TUBBS JONES, Ohio THOMAS M. REYNOLDS, New York MIKE THOMPSON, California PAUL RYAN, Wisconsin JOHN B. LARSON, Connecticut ERIC CANTOR, Virginia RAHM EMANUEL, Illinois JOHN LINDER, Georgia EARL BLUMENAUER, Oregon DEVIN NUNES, California RON KIND, Wisconsin PAT TIBERI, Ohio BILL PASCRELL, JR., New Jersey JON PORTER, Nevada SHELLEY BERKLEY, Nevada JOSEPH CROWLEY, New York CHRIS VAN HOLLEN, Maryland KENDRICK MEEK, Florida ALLYSON Y. SCHWARTZ, Pennsylvania ARTUR DAVIS, Alabama JANICE MAYS, Chief Counsel and Staff Director BRETT LOPER, Minority Staff Director Pursuant to clause 2(e)(4) of Rule XI of the Rules of the House, public hearing records of the Committee on Ways and Means are also published in electronic form. The printed hearing record remains the official version. Because electronic submissions are used to prepare both printed and electronic versions of the hearing record, the process of converting between various electronic formats may introduce unintentional errors or omissions. Such occurrences are inherent in the current publication process and should diminish as the process is further refined. ii VerDate Nov 24 2008 02:27 Jun 10, 2009 Jkt 049691 PO 00000 Frm 00002 Fmt 0486 Sfmt 0486 E:\HR\OC\X691A.XXX X691A smartinez on PROD1PC70 with HEARING C O N T E N T S Page Advisory of October 24, 2007, announcing the hearing ........................................ 2 WITNESSES The Honorable Bradford P. Campbell, Assistant Secretary of Labor, Employee Benefits Security Administration, U.S. Department of Labor ......................... 6 W. Thomas Reeder, Esq., Benefits Tax Counsel, Office of Tax Policy, U.S. Department of the Treasury ................................................................................ 20 Andrew J. Donohue, Director, Division of Investment Management, U.S. Se- curities and Exchange Commission .................................................................... 26 Barbara D. Bovbjerg, Director, Education, Workforce, and Income Security Issues, U.S. Government Accountability Office ................................................. 35 Burgess A. ‘‘Tommy’’ Thomasson, Jr., President and CEO, DailyAccess Cor- poration, Mobile, Alabama, on behalf of the American Society of Pension Professionals & Actuaries, and the Council of Independent 401(k) Record- keepers .................................................................................................................. 81 Harold L. Jackson, President and CEO, Buffalo Supply, Inc., Lafayette, Colo- rado, on behalf of the U.S. Chamber of Commerce ........................................... 96 Allison R. Klausner, Assistant General Counsel—Benefits, Honeywell Inter- national Inc., Morristown, New Jersey, on behalf of the American Benefits Council .................................................................................................................. 106 Lew I. Minsky, Senior Attorney, Florida Power & Light Company, Juno Beach, Florida, on behalf of the ERISA Industry Commitee ........................... 121 Paul Schott Stevens, President and CEO, Investment Company Institute ........ 131 Bertram L. Scott, Executive Vice President, Strategy, Integration and Policy, TIAA–CREF, New York, New York .................................................................... 156 Mindy L. Harris, President, National Association of Government Defined Contribution Administrators, Portland, Oregon ................................................ 166 David L. Wray, President, Profit Sharing/401(k) Council of America, Chicago, Illinois ................................................................................................................... 171 Lisa A. Tavares, Esq., Partner, Venable Law Firm, LLP .................................... 178 Norman P. Stein, Professor, University of Alabama School of Law, on behalf of the Pension Rights Center .............................................................................. 183 David Certner, Legislative Counsel and Legislative Policy Director, AARP ...... 187 SUBMISSIONS FOR THE RECORD American Council of Life Insurers, Statement ...................................................... 202 Daniel Wintz, Omaha, Nebraska, Statement ........................................................ 204 Gerald C. Schneider and Judith M. Schneider, Letter ......................................... 204 Kevin Powell, Statement ......................................................................................... 205 Massachusetts Mutual Life Insurance Company, Statement .............................. 209 Matthew D. Hutcheson, Statement ........................................................................ 211 South Carolina Retirement Systems, Letter ......................................................... 214 Wayne H. Miller, Denali Fiduciary Management, Vashon, Washington, State- ment ...................................................................................................................... 216 iii VerDate Nov 24 2008 02:27 Jun 10, 2009 Jkt 049691 PO 00000 Frm 00003 Fmt 0486 Sfmt 0486 E:\HR\OC\X691A.XXX X691A smartinez on PROD1PC70 with HEARING VerDate Nov 24 2008 02:27 Jun 10, 2009 Jkt 049691 PO 00000 Frm 00004 Fmt 0486 Sfmt 0486 E:\HR\OC\X691A.XXX X691A smartinez on PROD1PC70 with HEARING THE APPROPRIATENESS OF RETIREMENT PLAN FEES TUESDAY, OCTOBER 30, 2007 U.S. HOUSE OF REPRESENTATIVES, COMMITTEE ON WAYS AND MEANS Washington, DC. The Committee met, pursuant to notice, at 10:00 a.m., in room 1100 Longworth House Office Building, Hon. Charles B. Rangel (Chairman of the Committee), presiding. [The advisory of the hearing follows:] (1) VerDate Nov 24 2008 02:27 Jun 10, 2009 Jkt 049691 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 E:\HR\OC\X691A.XXX X691A smartinez on PROD1PC70 with HEARING 2 ADVISORY FROM THE COMMITTEE ON WAYS AND MEANS FOR IMMEDIATE RELEASE CONTACT: (202) 225–1721 October 24, 2007 FC–16 Chairman Rangel Announces a Hearing on the Appropriateness of Retirement Plan Fees House Ways and Means Committee Chairman Charles B. Rangel today an- nounced that the Committee on Ways and Means will hold a hearing on the appro- priateness of fees that are charged to the pension plans of workers who participate in 401(k), 403(b), and 457 plans. This hearing will take place on Tuesday, Oc- tober 30, 2007, in 1100 Longworth House Office Building, beginning at 10:00 a.m. In view of the limited time available to hear witnesses, oral testimony at this hearing will be from invited witnesses only. However, any individual or organization not scheduled for an oral appearance may submit a written statement for consider- ation by the Committee and for inclusion in the printed record of the hearing. A list of invited witnesses will follow. FOCUS OF THE HEARING: This hearing will focus on the impact that administrative and investment fees have on workers’ ability to adequately save for their retirement. BACKGROUND: Over the past two decades, 401(k) plans have grown to be the most popular form of defined contribution (DC) retirement savings plans. As of 2006, approximately 50 million American workers actively participated in a 401(k) plan, with an asset value of $2.753 trillion, which represents 16 percent of all retirement assets. Other common forms of DC plans are 403(b) annuity and 457 plans. According to a report by the Spectrum Group, there were approximately 31,450 Section 457 plans in 2000. This market has grown over the last 7 years, as reflected in a recent report by the Employee Benefit Research Institute (EBRI) that examined 2004 data. The report estimated total Section 457 plan assets to be about $117 billion. More recent data on 457 plans for the first quarter of 2007 show assets of $161 billion, with more than 3.8 million participants. According to recent data released by the Investment Company Institute, Section 403 (b) plans held assets valued at $701 bil- lion, with approximately 5.5 million workers participating in these plans. The growth in DC plans has resulted in a shift of the burden of saving for retire- ment. Today, the role of employers in these plans is shrinking while the role of the workers increases. The majority of workers who participate in these plans are re- sponsible for making sure they set aside adequate savings to finance their retire- ment years. This includes making wise
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