Compliance May 21, 2009

EBSA Again Extends Effective Date of Advice Rule

May 21, 2009 (PLANSPONSOR.com) - The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has announced publication of a notice further extending the applicability and effective dates of the final rule on investment advice under the Pension Protection Act to November 18, 2009.
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On January 21 the department published a final rule governing the provision of investment advice under the Employee Retirement Income Security Act’s prohibited transaction provisions (see DoL Finalizes Rules on Investment Advice ).   The department previously extended the applicability and effective dates of the final regulation from March 23 to May 22 and invited public comments on the rule (see DoL Suggests Advice Rule Delay).  

In a press release, the EBSA said it has since determined that additional time is necessary to consider the legal and policy issues raised by comments (see Latest Advice Comment Letters Show Controversy Still Brews ).

The notice is expected to be published in the May 22 edition of the Federal Register .

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