October 26, 2007
(Lexington, KY) - The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) has been called to testify before the House Ways and Means Committee next Tuesday, October 30th on the appropriateness of retirement plan fees. Mindy Harris, NAGDCA's President, will present the testimony.
The hearing will focus on the impact that administrative and investment fees have on workers' ability to adequately save for their retirement. NAGDCA recently surveyed their members to look at fee disclosure, reasonableness of fees, and how Boards of defined contribution plans are comprised. The survey results will be included in NAGDCA's testimony next week and will be available on NAGDCA's website at www.nagdca.org.
NAGDCA welcomes the opportunity to testify on this most important issue that touches so many Americans who may or may not have adequate income for their retirement needs. “We applaud Congress and the Federal Government for its increasing interest in fee disclosure and transparency and believe that these efforts will lead to higher levels of understanding by plan sponsors and participants, of the fees being charged for their retirement investments,” said Mindy Harris, NAGDCA President.
NAGDCA is the country's leading organization of defined contribution retirement plan administrators and financial service providers. It represents nearly every state deferred compensation plan, as well as numerous other governmental and public sector defined contribution plans, and over 150 companies in the financial services industry. Its mission is to focus on retirement planning for public sector employees participating in 457(b), 403(b), 401(a) and 401(k) retirement plans.