The DOL has released its revised proposed rule on the provision of investment advice to participants and beneficiaries.
Document Excerpt
SUMMARY This document contains a proposed rule under the Employee Retirement Income Security Act, and parallel provisions of the Internal Revenue Code of 1986, relating to the provision of investment advice to participants and beneficiaries in individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (and certain similar plans). Upon adoption, the proposed rule would implement provisions of a statutory prohibited transaction exemption, and would replace guidance contained in a final rule, published in the <E T=’04′> Federal Register</E> on January 21, 2009, that was withdrawn by the Department pursuant to a Notice published in the <E T=’04′> Federal Register</E> on November 20, 2009.Link http://www.federalregister.gov/OFRUpload/OFRData/2010-04196_PI.pdf
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