As previously discussed, the proposed 408(b)(2) regulations on mandated fee disclosure were held up in the Office of Management and Budget prior to the inauguaration. Subsequently, an executive order from the White House put a hold on all proposed regulations until they could be reviewed by the new administration.
However, today the Senate introduced a new bill called the Defined Contribution Fee Disclosure Act of 2009 which would require greater fee disclosure by 401(k) service providers to both fiduciaries and participants. According to this article by Sara Hansard in InvestmentNews, "the bill would require that employers who sponsor 401(k) plans receive comprehensive information listing all fees being charged and why. That information would be passed on to participants on request. Participants would have to receive information about the overall levels of fees when they choose investment options and on their quarterly statements."
Not sure yet how much the new bill will change or modify what was previously proposed. However, the takeaway is that regulation and disclosure are coming and rightfully so in my opinion. Stay tuned.