Compliance January 12, 2011

EBSA Extends Comment Period on Definition of Fiduciary

January 12, 2011 (PLANSPONSOR.com) – In its formal notice of a hearing regarding its proposed changes to the definition of fiduciary, the U.S. Labor Department’s Employee Benefits Security Administration (EBSA) announced an extension of the comment period on the proposal.
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The period for submitting comments on the proposed Definition of the Term “Fiduciary,” published in the  Federal Register on October 22, 2010, is being extended until February 3, 2011.  

In December, the EBSA announced it will hold a hearing March 1 and, if necessary, March 2 in Washington (see EBSA Sets 2011 Hearing on Fiduciary Definition Change). The hearing will be held beginning at 9 a.m. EST in the plaza auditorium of the U.S. Department of Labor, Frances Perkins Building, 200 Constitution Avenue NW, Washington, DC 20210.  

Individuals wishing to testify should submit their requests and outlines by e-mail to e-ORI@dol.gov, subject line: Fiduciary Definition Hearing.  

Each presenter will be allotted ten (10) minutes in which to complete his or her presentation. Those individuals who make oral comments and present testimony at the hearing should be prepared to answer questions regarding their information and/or comments. Those requesting to testify also should be prepared to participate as part of a panel, to the extent possible, organized by issue.  

Information about the agenda will be posted on http://www.dol.gov/ebsa no later than February 17, 2011.  

The EBSA notice is here.

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