,,ii  #aagth ,,congress  #b;d ,session  
,s4 #dcfa  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #h       
7legislative day1 ,june #g71 #bjbb,mr4  
,lujn introduced the following bill2    
which was read twice and referred to the
 ,committee on ,health1 ,education1     
,labor1 and ,pensions  ,a ,,bill  ,to   
require reports to ,congress on         
reporting and disclosure requirements   
related to retirement plans1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,savvy ,saver  
,act4  #b4 ,defined contribution plan   
fee disclosure improvements ,not later  
than #c years after the date of         
enactment of this ,act1 the ,secretary  
of ,labor shall-- 7#a7 review section   
#beej4djd;a-#e of title #bi1 ,code of   
,federal ,regulations2  7#b7 study1     
through a public request for information
 or otherwise1 how the content and      
design of the disclosures described in  
such section may be improved to enhance 
participants' understanding of fees and 

expenses related to a defined           
contribution plan 7as defined in section
 #c of the ,employee ,retirement ,income
 ,security ,act of #aigd 7#bi ,u4,s4,c4 
#ajjb77 as well as the cumulative effect
 of fees and expenses on retirement     
savings over time2 and  7#c7 submit a   
report to the ,committee on ,health1    
,education1 ,labor1 and ,pensions of the
 ,senate and the ,committee on          
,education and ,labor of the ,house of  
,representatives on the findings of the 
study described in paragraph 7#b71      
including beneficial education for      
consumers on financial literacy concepts
 as related to retirement plan fees1 and
 recommendations for legislative changes
 needed to address such findings4  #c4  
,review and report to ,congress relating
 to reporting and disclosure            
requirements  7a7 ,study ,as soon as    
practicable after the date of enactment 
of this ,act1 the ,secretary of ,labor1 
the ,secretary of the ,treasury1 and the
 ,director of the ,pension ,benefit     

,guaranty ,corporation shall review the 
reporting and disclosure requirements as
 applicable to each such agency head1   
of-- 7#a7 the ,employee ,retirement     
,income ,security ,act of #aigd         
applicable to pension plans 7as defined 
in section #c7b7 of such ,act 7#bi      
,u4,s4,c4 #ajjb7b772 and  7#b7 the      
,internal ,revenue ,code of #aihf       
applicable to qualified retirement plans
 7as defined in section #digd7;c7 of    
such ,code1 without regard to paragraphs
 7#d7 and 7#e7 of such section74  7b7   
,report  7#a7 ,in general ,not later    
than #c years after the date of         
enactment of this ,act1 the ,secretary  
of ,labor1 the ,secretary of the        
,treasury1 and the ,director of the     
,pension ,benefit ,guaranty             
,corporation1 jointly1 and after        
consultation with a balanced group of   
participant and employer                
representatives1 shall with respect to  
plans referenced in subsection 7a7      
report on the effectiveness of the      

applicable reporting and disclosure     
requirements and make such              
recommendations as may be appropriate to
 the ,committee on ,education and ,labor
 and the ,committee on ,ways and ,means 
of the ,house of ,representatives and   
the ,committee on ,health1 ,education1  
,labor1 and ,pensions and the ,committee
 on ,finance of the ,senate to          
consolidate1 simplify1 standardize1 and 
improve such requirements so as to      
simplify reporting for such plans and   
ensure that plans can furnish and       
participants and beneficiaries timely   
receive and better understand the       
information they need to monitor their  
plans1 plan for retirement1 and obtain  
the benefits they have earned4  7#b7    
,analysis of effectiveness ,to assess   
the effectiveness of the applicable     
reporting and disclosure requirements1  
the report shall include an analysis1   
based on plan data1 of how participants 
and beneficiaries are providing         
preferred contact information1 the      

methods by which plan sponsors and plans
 are furnishing disclosures1 and the    
rate at which participants and          
beneficiaries 7grouped by key           
demographics7 are receiving1 accessing1 
understanding1 and retaining            
disclosures4  7#c7 ,collection of       
information ,the agencies shall conduct 
appropriate surveys and data collection 
to obtain any needed information4