The House and the Senate are expected to meet soon to reconcile two respective pension  bills that would allow advice in 401(k) plans. But even though many expect Congress to update the Employment Retirement Income Security Act because Americans' pension plans continue to be eliminated in favor of 401(k)s, members of Congress are sharply divided over the neutrality of that advice, The Wall Street Journal reports.

The House version, the Pension Protection Act, which Rep. John Boehner (R-Ohio) sponsored and which passed in December, would allow funds to give advice. The Senate version, sponsored by Sen. Jeff Bingaman, would ban fund companies from offering advice but encourage plan sponsors to hire neutral third-party advisers to work with participants.

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