H.R.1988

To amend title I of the Employee Retirement Income Security Act of 1974 to provide for independent investment advice for participants and beneficiaries under individual account plans.

4/21/2009--Introduced.

Conflicted Investment Advice Prohibition Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow an individual account plan and a participant or beneficiary who controls the investment of such plan's assets to receive investment advice from an independent investment adviser that is registered under the Investment Advisers Act of 1940 and meets certain other qualifying requirements, including that the adviser (and any affiliate) does not provide or manage any investments in which the plan assets of any individual account plan are invested.

Prescribes requirements for an investment advice program.

Prohibits a fiduciary of an individual account plan that permits a participant or beneficiary to direct the investment of assets in the individual account from appointing or contracting with an investment adviser that is not an independent adviser.

Requires an independent adviser, before providing investment advice, to provide awritten notification: (1) of the past performance and historic rates of return of investment options available to the plan, together with comparisons to relevant benchmarks; and (2) that such investment adviser is acting as a fiduciary of such plan.

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