LABOR: New advice rule proposal on horizon
The Labor Department last month said it plans to issue a new proposal that would govern who can provide investment advice to 401(k) plan participants.
The Labor Department last month said it plans to issue a new proposal that would govern who can provide investment advice to 401(k) plan participants. The agency also officially withdrew a Bush administration rule that would have allowed brokers affiliated with companies that sell investments to provide such advice. In a news release, the agency said it withdrew the rule based on public comment that raised sufficient doubts about whether the rule would adequately protect the interests of plan participants and beneficiaries. The revised proposal is expected to be released for public comment in the next several weeks. For more information, visit dol.gov/federalregister/HtmlDisplay.aspx?DocId=23318&AgencyId=8&DocumentType=2.
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