In addition, under the Bush proposal if a plan participant requested additional guidance beyond the computer model, it could be provided if certain requirements were met. "That's not permitted under these new proposed regulations," Jacobson said.
Edward Ferrigno, vice president of the Profit Sharing/401(k) Council of America, said the new proposal raises more questions than it provides answers. "Who we really need to hear from are the providers who really have to interpret this and decide what the net effect of this is."
On the other hand, Ferrigno said, it is important to bear in mind that the new regulations have no effect on the 52% of plans that are giving advice today. "Nobody is getting advice under this model today," he said.
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