The House of Representatives on Friday approved legislation that would require 401(k) fee disclosures, provide relief for pension funds and extend unemployment benefits.

However, noticeably absent from the American Jobs and Closing Tax Loopholes Act (H.R. 4213) was a planned extension of the COBRA premium subsidy, which was omitted in order to gain enough votes for passage.

Among the 401(k) provisions in the bill, which passed 215-204, is a requirement that 401(k) service providers break down their fees into three categories: plan administration and recordkeeping fees, investment management fees and all other fees. Additionally, plan sponsors must list all fees subtracted from a worker’s account on quarterly statements.

“It is beyond time that Americans have basic, clear and timely information on the costs and choices contained in their 401(k) plans,” says Rep. George Miller (D-Calif.), chair of the House Education and Labor Committee. “Guaranteeing complete and simple disclosure of fees will help give Americans a fighting chance to strengthen their retirement and increase our nation’s future economic security.”

Proposed pension-funding relief would allow employers battered by the economy additional time to amortize defined-benefit plans.

“While we remain concerned with many of the restrictions and conditions placed on the relief, we believe that the measure is critical to the nation’s continued economic recovery,” says James Klein, president of the American Benefits Council. “This legislation will allow employers to responsibly fund their retirement plans while also investing in jobs and growth.”

According to Miller, the pension provisions “would make modest adjustments to funding requirements” to prevent plan sponsors from having “to choose between freezing plans or cutting jobs.”

“This bill will save jobs by providing pension plans the flexibility they need to continue their plans without freezing or defaulting,” he says. “All liabilities must still be paid, but plans will have more time to make up for the historic financial collapse.”

Click here for the complete text of H.R. 4213.

The Senate will take up the legislation after returning from their Memorial Day recess on June 7.