EBSA News
EBSA News Release: December 22, 2010
Contact Name: Gloria Della
Phone Number: 202-693-8666
Email: Della.Gloria@dol.gov
US Department of Labor announces a public hearing on proposed
definition of
fiduciary regulation
WASHINGTON – The U.S. Department of Labor’s
Employee Benefits Security Administration today announced it will hold a
public hearing on March 1, 2011 and if necessary, March 2, 2011, in
Washington, D.C. on the proposed rule amending the definition of the
term “fiduciary.” The proposed rule was published in the Oct. 22,
2010 Federal Register for public comment.
The department expects to issue a formal notice with
details on the public hearing and the submission of requests to testify
in early January 2011. The department will not consider requests to
testify in advance of the publication of the formal notice in the
Federal Register.
To ensure that all interested persons have the
opportunity to prepare and submit comments on the proposed rule, EBSA
will be accepting public comments until Feb. 3, 2011, two weeks after
the close of the Jan. 20, 2011 comment period provided in the proposed
regulation.
“We recognize the significance of the proposed rule
for plans, participants, beneficiaries and many plan service providers
and therefore believe the steps we are announcing today will ensure
broad consideration of all the issues and interests in this regulation,”
said EBSA Assistant Secretary Phyllis C. Borzi. “For this process to
work efficiently, however, all comments must be submitted no later than
February 3.”
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