Congress once again is scrutinizing 401(k)s this week, this time through two bills that would disallow advice through an interested party and require clear disclosure of fees.
The House bills would only allow independent financial advisers to provide investment advice and force administrators to break down fees. The Conflicted Investment Advice Prohibition Act, sponsored by Rep. Robert Andrews (D-N.J.), chairman of the House Subcommittee on Health, Employment, Labor and Pensions, would shake up the industry, Jason Roberts, a partner with Reish & Reicher, told Dow Jones.
