House Passes Bill With Investment Advice Provision
National Underwriter (Life and Health Financial Services Edition) (05/15/03) ; Bell, Allison

The House has passed the Pension Security Act, which sets disclosure requirements for 401(k) plan sponsors, among other changes, and would let plan providers give workers investment advice. ACLI President and CEO Frank Keating praised the investor advice provision, saying that "diversification is a message that must be stressed to all plan participants, and the investment advice legislation would help get that done." Some say that removing investment advice restrictions will expose workers to unscrupulous companies and advisors, but others contend that plan participants need help badly.

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