As legislators debate the issue of 401(k) providers also providing advice, one governmental agency has taken a first step toward allowing such advice

According to a recently released advisory opinion from the Department of Labor, investment management of 401(k) accounts by retirement plan providers is okay as long as the provider uses a qualified independent financial expert (the software vendor and financial adviser that calculates the asset allocation models) and the expert does not receive more than 5% in gross income from the fees paid by the plan provider.

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