House Committee Approves Retirement Security Advice Bill

Washington, DC, October 4, 2001 - On October 3, 2001, the House Education and the Workforce Committee favorably reported H.R. 2269, the "Retirement Security Advice Act of 2001." The legislation was approved by a 29-17 vote.

H.R. 2269, introduced by Chairman John Boehner (R-OH), would provide a statutory exemption from ERISA's prohibited transaction rules to allow financial institutions to provide investment advice to retirement plan participants regardless of whether the financial institution provides investment options for the plan. Current law prohibits such advice from being provided absent an individual exemption granted from the Department of Labor. The Subcommittee on Employer-Employee Relations approved H.R. 2269 on August 2.

The legislation could be considered by the full House prior to the end of the session.