DOL Rule Emphasizes Independent 401(k) Advice

March 8, 2010

Bona fide 401(k) investment advice could finally become standard practice in defined contribution plans, thanks to the Department of Labor's proposed rules limiting the actions of investment professionals who take commissions. "The concern is that we don't want [workers] steered in a direction that may not be best for them simply because that's the way the adviser can make more money," said Phyllis Borzi, assistant secretary of the Employee Benefits Security Administration at the DOL.

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