Retirement Advice Bill Gains, but Fate Unsure
Investment News (10/08/01) p.3; Hansard, Sara

Legislation making it easier for financial companies to offer advice to 401(k) participants has gained ground but still faces an uphill battle. A House committee has approved the main part of the bill, which would allow for the expansion of investment advice for the $1.7-trillion in 401(k) plans, of which $766 billion is managed by mutual funds and $190 billion by life insurers. The financial sector strongly supports the bill; however, with Congress tied up with anti-terrorism legislation, retirement plan reform is likely to be a low priority.

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