The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has withdrawn the January 21, 2009 Final Rule under the Employee Retirement Income Security’s Act that implemented the Pension Protection Act exemption that would have allowed mutual fund company representatives to offer direct investment advice to defined contribution plan participants. The Final Rule was to have taken effect May 17, 2010. To read the notice withdrawing the Rule, click here.
Monday, December 14, 2009
LABOR DEPT. DROPS RULE ALLOWING DIRECT INVESTMENT ADVICE TO DEFINED CONTRIBUTION PENSION PLAN PARTICIPANTS
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has withdrawn the January 21, 2009 Final Rule under the Employee Retirement Income Security’s Act that implemented the Pension Protection Act exemption that would have allowed mutual fund company representatives to offer direct investment advice to defined contribution plan participants. The Final Rule was to have taken effect May 17, 2010. To read the notice withdrawing the Rule, click here.
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