The Labor Department's interpretive bulletin on investment education for employee-directed defined contribution plans, proposed in December, is expected to be published tomorrow in the Federal Register. It will include a new section on what the department considers to be investment advice: giving the value of various securities and advising the participant to invest, purchase or sell a security; having authority to buy or sell a security for a participant; giving advice on a regular basis to a participant that serves as the basis for investment decisions.
Meanwhile, plan information, general financial and investment information, asset allocation models and interactive investment materials that all provide generally accepted investment concepts are all considered investment education materials by the Labor Department.
Now the interpretive bulletin goes before Congress for its approval.
