News Release

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Release Date: September 8, 2006
Release Number: 06-1566-NAT
Contact Name: Peter Hong/Gloria Della
Phone Number: 202.693.4676/202.693.8664

U.S. Labor Department Seeks Comments on Independence Guidelines for Employee Benefit Plan Accountants

Washington, DC - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today announced publication of a “request for information” (RFI) to assist the department in updating its guidance on the independence of accountants who audit employee benefit plans. The RFI is to be published in the September 11, 2006 Federal Register.

The department believes an examination of its guidance in Interpretative Bulletin 75-9 is appropriate in light of the significant changes that have taken place in the accounting industry over the last 30 years since the bulletin was issued. These include changes in audit services, industry consolidations, and revisions in accountant independence standards by the Securities and Exchange Commission and the American Institute of Certified Public Accountants.

The Employee Retirement Income Security Act (ERISA) generally requires employee benefit plans to retain an independent qualified public accountant to examine the financial statements of the plan and render an opinion as to whether the financial statements and schedules submitted with a plan’s annual report are presented fairly in conformance with generally accepted accounting principles. Plans subject to the annual audit requirement must include the accountant’s report and opinion as part of the plan’s Form 5500 annual report filed with the department.

The RFI solicits information to assist the department in determining whether the interpretive bulletin provides adequate guidance or whether the guidelines should be updated to better meet the needs of plans, plan fiduciaries, accountants, participants and beneficiaries, and other affected parties.

Written comments should be addressed to the Office of Regulations and Interpretation, Employee Benefits Security Administration, Room N-5669, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210, Attn: Independence of Accountant RFI. The public also may email written comments to e-ori@dol.gov or through the federal e-rulemaking portal at www.regulations.gov.

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