The Investment Company Institute of Washington, D.C. last week announced its support of legislation that would revamp ERISA regulations to allow 401(k) plan providers to offer employees advice.

Rep. John Boehner, chairman of the U.S. House Subcommittee on Employer-Employee Relations, introduced the Retirement Security Advice Act on June 27. The legislation would answer a growing demand from plan participants for advice in their 401(k) programs, according to the ICI.

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