Your Employer May Not Be Your Best Bet for Financial Advice Washington Post (01/17/02) Vol. 32, No. 1 p.E3; Singletary, Michelle
The Enron bankruptcy scandal has again brought to light the debate about who should advise workers on how to invest their money in their 401(k) plans. Currently, companies that control 401(k) plans cannot give anything but the most generic financial advice about investing, but new proposed laws could change that. Rep. John A. Boehner (R-Ohio) has drafted a measure that would lift the restrictions under the present law, thus allowing employers and 401(k) plan providers to offer more specific advice--on the condition they fully disclose fees.