Retirement Income Journal
The information forum of the decumulation industry.

In late January 2009, the clouds obscuring the 401(k) advice landscape momentarily lifted. That's when the U.S. Department of Labor issued final regulations for the Pension Protection Act of 2006 that vastly liberalized the rules governing investment guidance in the workplace.

But, within days, a regime change occurred. The Obama-ites put the last-minute Bush regulations on hold, intending to put a new spin on them. Where the Bushies were inclined to loosen the reins on commission-based advisors in the workplace, the new Secretary of Labor, Hilda Solis, now talks about adding “automatic annuities” to plans as an exit strategy. 

Companies that provide 401(k) education and advice are now waiting further instructions from the DOL. Among them is Ernst & Young, the accounting and consulting firm. Besides advising Fortune 100 companies on designing 401(k) plans and choosing vendors, E&Y also offers telephone help-lines and general financial education that put it on the front line of what has become a participant education battlefield.