Advice rule gets nod
The Labor Department last month issued a final rule intended to make investment advice more accessible to 401(k) participants, although a chance exists that the Obama administration could rescind the rule.
The Labor Department last month issued a final rule intended to make investment advice more accessible to 401(k) participants, although a chance exists that the Obama administration could rescind the rule. Under the approved rule, financial advisers affiliated with companies that underwrite 401(k) investments could provide investment advice to plan participants, as long as fees earned would be the same among advisers. The rule also provides guidance on such requirements as disclosures by fiduciaries. For a look at the rule, visit dol.gov/federalregister/HtmlDisplay.aspx?DocId=21997&AgencyId=8&DocumentType=2.
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