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. The Committee on the Investment of Employee Benefit Assets, an affiliate of the Association for Financial Professionals, announced support of the bill Wednesday.
