The House today passed the Retirement Security Advice Act by a vote of 280 to 144. The bill, written by Rep. John Boehner, R-Ohio, would allow managers to offer investment advice to defined contribution plan participants. Among those voting for approval were Democratic Caucus Chairman Mark Frost, D-Texas, and Rep. Earl Pomeroy, D-N.D. The Bush administration also came out in favor of the bill.
The legislation is expected to go to the Senate Health, Education, Labor and Pension Committee.
Separately, Sens. Jeff Bingaman, D-N.M., and Susan Collins, R-Maine, on Tuesday introduced the Independent Investment Advice Act of 2001, a bill that encourages plan sponsors to offer investment advice services to defined contribution plan participants.
