Wednesday, March 9, 2011
The U.S. Department of Labor's Employee Benefits Security Administration announced that it is extending the time for submission of public comments on testimony submitted at the March 1-2, 2011, public hearing on the proposed rule defining when a person is deemed a "fiduciary" under the Employee Retirement Income Security Act.
Under ERISA, a person is considered to be a fiduciary by reason of giving investment advice to a pension plan or a plan's participants. Upon adoption, the proposed rule would protect beneficiaries of pension plans and individual retirement accounts by amending a 35-year old rule that may inappropriately limit the types of investment advice relationships that give rise to fiduciary duties on the part of the investment advisor.
The public hearing record will remain open for 15 days after the date the official transcript of the hearing is posted on EBSA's website. The department will make a future announcement to alert the public to the availability of the transcript and will specify the date on which the record will close.