Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
November 20, 2009
Investment-Advice Rule Withdrawn by Labor Department

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) is withdrawing the final rule on the provision of investment advice under the Employee Retirement Income Security Act's prohibited transaction provisions.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

The department's notice withdraws a January 2009 final rule that implemented a statutory prohibited transaction exemption under the Pension Protection Act (PPA), and provided an additional administrative class exemption.

The department says it decided to withdraw the rule based on public comments that raised sufficient doubts as to whether the conditions of the final rule and the class exemption associated with the rule could adequately protect the interests of plan participants and beneficiaries.

The department delayed the final rule several times, the latest pushing back the applicability and effective dates of the final rule until May 17, 2010. Now the dpeartment is withdrawing the rule completely.

The department says it intends to publish separately a proposed rule that conforms to the PPA statutory exemption relating to investment advice.

The notice of withdrawal of the investment-advice rule is published in the November 20, 2009 edition of the Federal Register.

Featured Free Resource:
Cost Per Hire Calculator
Twitter  Facebook  Linked In
Follow Us
Copyright © 2018 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on
Document URL: