Thanks to Rick McKinney, Assistant Law Librarian of the Federal Reserve Board for web sites to Rep. Boehner's Home Page and other .gov sites.
Westlaw also had one hit on db HR-WIRE.
This has turned out to be a very interesting subject.
Don't we all have 401(K)s?
And now some are starting to experience negative returns.
Answer: HR 2269 applies to both "plan sponsors" and individual professional financial service providers (mutual funds, banks, or insurance companies).
It would lift ERISA's prohibitions on employers for providing financial advice.
It would open the door to competition.
Good or Bad?
There are arguments on both sides of the issue.
>>> "Bob Hughes" <bhughes@painehamblen.com> 09/21/01 11:05AM >>>
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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