SPARK Inst Comment Senate 6-3-10 FINALx

June 3, 2010 The Honorable Dianne Feinstein U.S. Senate 331 Hart Senate Office Building Washington, DC 20510 Re: Defined Contribution Fee Disclosure Provisions in the American Jobs and Closing Tax Loopholes Act Dear Senator Feinstein: 1The SPARK Institute is writing on behalf of the retirement plan industry to express its concern about, and opposition to, the Defined Contribution Fee Disclosure provisions (the “Fee Disclosure Provisions”) in Sections 321 to 325 of the American Jobs and Closing Tax Loopholes Act that will be considered by the Senate. The SPARK Institute has publicly supported and promoted clear and meaningful disclosure of retirement plan and investment management fees to employers and plan participants. However, we are very concerned that the Fee Disclosure Provisions will delay progress on enhancing fee disclosure, create confusion in the regulated community and not serve the best interests of employers and plan participants. The Department of Labor has developed and is ready to release regulations to enhance defined contribution fee disclosure. This regulatory effort reflects more than two years of information-gathering and analysis by the Department of Labor in the form of public comments and testimony from plan participants, plan sponsors and providers in an attempt to balance issues raised by these constituencies in establishing appropriate and meaningful disclosure requirements to employers and ...