Investment advisers who get caught trying to steer pension business their way by showering elected officials with campaign cash may be forced to work without fees under a new rule proposed by the SEC.

The proposed rule, which if approved isn't expected to go into effect until next year at the earliest, is designed to prohibit so-called "pay-to-play" practices.

The new rule would ban investment advisers and their executives from making contributions of over $250 to politicians who have a say in pension plan management. Under these "pay-to-play" scenarios, investment advisers or their top executives give campaign money to politicians in hopes they will give them government pension plans to manage.

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