HR and Employment Law News
Category
Topic
Free Special Reports
Get Your FREE HR Management Special Report. Download Any One Of These FREE Special Reports, Instantly!
Featured Special Report
Claim Your Free Copy of
Top 10 Best Practices in HR Management
HR professionals have the opportunity to play a more strategic role in the business by keeping up to date with the latest HR innovations--technological, legal, and otherwise. This special report will discuss how HR managers can anticipate and address some of the most challenging HR issues this year.
Topics in this special report include:
- Healthcare in 2012
- FMLA Paid Leave Initiatives
- Ethics
- Social Media
- Environmental Responsibility
- Workplace Wellness
- Classifying Employees
- Retirement of Baby Boomers
- Identity Theft
- Communications
Make sure you have the information you need to know about these current HR challenges and how to most effectively manage them in your workplace.
Download Now!
November 26, 2001
Chao Lauds Retirement Legislation
U.SFor a Limited Time receive a
FREE HR Report "Top 10 Best Practices in HR Management." This comprehensive special report will give you the information you need to know about these current HR challenges and how to most effectively manage them in your workplace.
Download Now
"The House took the first step in providing American workers with an important tool to better manage their retirement savings," Chao said. "President Bush and the administration are working to ensure that every worker has access to a fulfilling and financially secure retirement. I look forward to seeing the Senate take the next step and pass this legislation as soon as possible."
For many workers, their retirement plans represent the most convenient and accessible source of investment advice. This bill would dramatically increase the number of financial advisers employers can contract with to provide investment advice.
It would also require employers who offer their employees investment advice to act as fiduciaries, and work in the best interests of plan participants. Federal and state authorities would regulate employers' investment advice services.
To encourage employers to offer their workers investment advice services, the bill clarifies that employers have limited responsibility in selecting investment advisors and are not required to monitor the outcome of each investment.
In addition, the bill seeks to promote a more level playing field for investment advisers, foster competition among firms and promote lower costs to participants.
Employees would receive extensive information to participants about fees, relationships that may give rise to potential conflicts of interest and limitations on the scope of advice to be provided.