<nobr>Oct 3, 2003</nobr>

Retirement Security Advice Act of 2003 (S.1698)

Senator Mike Enzi (R-WY) introduced a bill (S.1698) October 2 that would exempt employers from liability when providing their workers with investment advice on the 401(k) plans from the same company that represents the plan. Investment advisors must fully and clearly disclose their fees and any potential conflicts of interest, and adhere to the fiduciary rules under ERISA. The bill is cosponsored by Sens. Judd Gregg (R-NH), Kit Bond (R-MO), and Rick Santorum (R-PA).

The House passed a similar provision in the Pension Security Act (H.R. 1000) on May 14th by a 271-157 vote. The bill responded to issues arising from the collapse of Enron Corp. and was sponsored by Rep. John Boehner (R-OH).



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