Final regulations on investment advice to plan sponsor clients should be released in the next week or two, said Phyllis Borzi, the Labor Department’s top pension executive.
The proposed regulations, introduced in February 2010, would require 401(k) plan investment advisers to disclose their fees and show that the computer models used to offer advice to participants are objective and unbiased.
Ms. Borzi, assistant secretary at the Department of Labor and head of the Employee Benefits Security Administration, made her remarks Monday at the National Association of Government Defined Contribution Administrators' annual conference in Albuquerque, N.M.
Ms. Borzi discussed the Labor Department's work on defined contribution plans. “What I'm all about is givingparticipants enough tools to make the best choices.”
She added: “I think the smaller the number of investment options, the better for plan participants.”