The Committee, chaired by Representative John Boehner (R-Ohio), will hold its markup of H.R. 2269, the Retirement Security Advice Act, which was reintroduced by Boehner in June (see Retirement Security Advice Bill Makes a Comeback ).
The Retirement Security Advice Act would:
- expand the ability of providers to enter the investment advice arena by diminishing the impact of ERISA rules that today effectively block a money manager from offering advice, for a fee, on assets it manages. Specific disclosures about the fees, services and the relationship of the provider to the investment fund choices would be offered to participants.
- Hold designated “fiduciary advisers” personally liable for any failure to act in the worker’s interest, and will still be subject to fiduciary liability under ERISA, as well as securities and state insurance regulatory protections.
In July, the Labor Department endorsed the bill (see DoL Embraces Advice Bill in Dramatic Turnaround), and the Employer-Employee Relations Subcommittee approved it by voice vote in early August (see Participant Advice Bill Passes Subcommittee ).
The Retirement Security Advice Act continues to gain momentum, and currently has 48 cosponsors, including
- Democratic Caucus Chairman Martin Frost (D-Texas),
- Majority Leader Dick Armey (R-Texas),
- Financial Services Committee Chairman Michael Oxley (R-Ohio),
- Representative Rush Holt (D ? New Jersey),
- Representative Ellen Tauscher (D – California),
- Representative Norm Dicks (D ? Washington)
- Representative Jennifer Dunn (R-Washington), and
- Representative Tom Tancredo (R – Colorado)
– Camilla Klein firstname.lastname@example.org
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