Rep. Boehner has introduced this bill in the House which has been referred the Committee on Education and the Workforce.
It would amend ERISA "to promote the provision of retirement investment advice to workers managing their retirement income assets."
(29 USC 1108(b))
I'm tasked with finding what the intended scope of the proposed amendment is.
(still in committee and no committee report found--www.thomas.loc.gov)
It seems to allow greater freedom to fiduciaries to tinker with the Plan as long as certain disclosure requirements are met.
One question: Does it apply just to plan sponsors (management-employers)
or does it also apply to any financial advisory service which may be contracted to set-up, run, and modify plans for companies (an independent professional fund and pension plan consulting firm)?
Bob Hughes
Librarian
Paine, Hamblen, Coffin, Brooke & Miller LLP
1200 Washington Trust Building
717 W. Sprague
Spokane, WA 99201
Phone: (509) 455-5392
FAX: (509) 838-0007
e-mail: bhughes@painehamblen.com
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