New 401(k) Advice Rule to Focus on Fiduciaries

May 17, 2010

The Department of Labor is revising its guidance on investment advice in 401(k) plans by expanding its focus from independent advice to redefining fiduciary duty. Advice remains the most controversial issue in the Pension Protection Act, said Phyllis Borzi, assistant secretary of labor at the Employee Benefits Security Administration, and the issue of how to best offer advice has been debated by two or three Congresses. 'We have received 70 comment letters and have promised Congress we will be faithful to the intent of the original statute,' Borzi said.

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