NAGDCA Testifies Before House Ways and Means Committee

October 30, 2007

(Lexington, KY) - The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) testified before the House Ways and Means Committee today on the appropriateness of retirement plan fees. Mindy Harris, NAGDCA's President, presented the testimony.

The hearing focused 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 were included in NAGDCA's testimony and are available on NAGDCA's website at www.nagdca.org.

“NAGDCA looks forward to working with Congress as they review the issue of fees in defined contribution plans, and as governmental entities ourselves, we always welcome an open and transparent process when it comes to managing and investing our public employee's retirement assets,” 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.