The Pension Research Council
Working Paper

Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?

Lynn Pettus and R. Hall Kesmodel, Jr.
WP2009-15

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Abstract —

In light of the challenges and complexity of managing income for retirees, and the lack of overall financial literacy of our workforce, advice and financial planning services must be effectively delivered to help more participants achieve financial security, today and in retirement. A challenge that emerged in the wake of the Pension Protection Act of 2006 is how to deliver such advice without compromising plan sponsors’ fiduciary responsibilities, and without relying on participants to indirectly fund the cost of advice programs through their purchase of ancillary financial products.