Legislators and federal agencies plan to concentrate their efforts on addressing excessive 401(k) fees, and employers can expect to see new guidance on several retirement-related topics soon.

Panelists at the DOL Speaks conference in Washington, D.C. last week discussed Washington's legislative and regulatory agenda. Advisers should know what regulations and bills are coming around the beltway and be prepared to address employer questions about potential changes to their benefit plans for the 2009 plan year.

Bradford Campbell, assistant secretary of labor for the Employee Benefits Security Administration, and Jeffrey Turner, chief of the Department of Labor's division of regulations, said the DOL plans to release proposed regulations or guidance on these subjects this year:

• Mandatory disclosures to retirement plan participants on plan fees
• Rules governing a safe harbor for electronic disclosures
• Annual notices about pension plan funding
• Use of computer models on investment advice regarding IRAs

Meanwhile, several panelists representing members of Congress predicted a continuing legislative focus on these topics:

• 401(k) fees
• Mental health parity
• Broadening the auto-enrollment provisions of the Pension Protection Act
• Automatic IRA contributions through payroll deductions
• Proposals to reduce vesting times and reduce cash outs and withdrawals before retirement
• Proposals to solve distribution problems for retirees

U.S. Secretary of Labor Elaine Chao said she hopes that Congress won't pass legislation on 401(k) fees before the DOL has released its final regulations on that topic. "We all agree that excessive fees are counterproductive," she remarked.

Campbell said it's important that the fee information given to employees be "concise and useful to the people making these comparative decisions" about investment options.

In addition, Turner said the DOL has received an increase in calls from employers asking about pension funding notices, and the agency plans to release some model notices for employers to use.