Labor Dept.'s 401(k) proposal could rock pension advice businessBy Jessica Toonkel Marquez
February 26, 2010 The Labor Department today released proposed regulations that prohibit financial advisers giving advice to 401(k) plans, or their employer or the employer's affiliates, from receiving extra compensation because the plan sponsors bought a product recommended by the adviser. “They can't take advantage of the exemption if anyone in that chain gets compensated [from the advice provided,]" Assistant Labor Secretary Phyllis Borzi said today in a conference call discussing the proposed rules. Read the entire article here
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