Labor Secretary Elaine L. Chao reaffirmed her support of Boehner advice bill that passed the House of Representatives yesterday. The Senate will consider the Retirement Security Advice Act next. "Today, 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."
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Defined contribution plan administrator Invesmart has put forth its own wish list when it comes to investment advice laws. The firm suggests limits on how much advisors recommend for their proprietary funds (no less than 20 percent and no more than 50 percent) and advocates "watchdog" measures to ensure the advice plan participants receive from their fund provider is entirely objective.
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One-third of American parents yet to put aside a dime for their childrens' college savings program claims a AEGON Institutional Markets survey. Sixty-two percent of non-saving parents expect to pay the tuition expenses while their children actually attend college. The survey also revealed a knowledge gap: More than three-quarters, or 77 percent, said they wish they knew more about how to invest for their children's college expenses. Eighteen percent worried that their savings will be useless if their children do not attend college.
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Three new closed-end municipal Nuveen Funds are making their debut today on the American Stock Exchange. The funds are: Nuveen Real Estate Income Fund (Symbol: JRS), Nuveen North Carolina Dividend Advantage Municipal Fund 2 (Symbol: NNO)and Nuveen Virginia Dividend Advantage Municipal Fund 2 (Symbol: NNB). Nuveen now lists 24 of 116 ETFs on the AMEX.
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