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Text of Retirement Security Advice Act of 2003
The ERISA Industry Committee [ERIC]
Oct. 6, 2003
Excerpt: Senator Mike Enzi (R-WY) introduced a bill (S.1698) October 2 that would exempt employers from liability when providing their workers with investment advice on the 401(k) plans from the same company that represents the plan. Investment advisors must fully and clearly disclose their fees and any potential conflicts of interest, and adhere to the fiduciary rules under ERISA.... The House passed a similar provision in the Pension Security Act (H.R. 1000) on May 14th by a 271-157 vote.
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