The Department of Labor last week endorsed a proposal in the House of Representatives that would allow 401(k) investors to receive advice from employer-sponsored financial planners, giving the initiative renewed momentum and prompting its proponents to assert that the House will pass it by year end.

Speaking before a subcommittee of the House Education and the Workforce committee, Assistant Secretary of Labor for Pension and Welfare Benefits Ann Combs said the proposal "could not come at a more opportune time."

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