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Released: October 26, 2011
Investment guidance for employees
Source: Michelle Singletary, Washington Post (Free Registration)
A new Labor Department rule could help millions of workers make better choices on how to invest in their workplace retirement plans.
I had the opportunity recently, as part of a financial literacy ministry I direct at my church, to see and hear how many people allocate the money they put in their 401(k)s or other plans. And this made me very concerned that many employees don’t know what they’re doing when it comes to investing for their retirement. People need specific guidance. Without it, they often guess at what they should do.
In an effort to increase access to high-quality and unbiased advice, the department’s Employee Benefits Security Administration issued a final regulation this week that will allow financial companies that manage 401(k) and similar plans or IRAs to give investment advice to workers and retirees in response to their need for professional help.
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