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Title: Selection of Annuity Provider for Individual Account Plans
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Abstract: This rulemaking would establish a safe harbor under which a fiduciary of an individual account plan will be deemed to have satisfied his or her fiduciary responsibilities with respect to the selection of an annuity provider for the purpose of benefit distributions. The Department is proposing this safe harbor in light of revisions to Interpretive Bulletin 95-1 required by section 625 of the Pension Protection Act of 2006 clarifying that the fiduciary standards in Interpretive Bulletin 95-1 do not apply to the selection of an annuity provider for benefit distributions from an individual account plan.
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Agency: Department of Labor(DOL)
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Priority: Other Significant
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RIN Status:
Previously published in the Unified Agenda
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Agenda Stage of Rulemaking:
Proposed Rule Stage
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Major:
No
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Unfunded Mandates:
No
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CFR Citation:
29 CFR 2550.404a-4
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Legal Authority:
29 USC 1104; ERISA sec 404; PL 109-280 sec 625, Pension Protection Act of 2006; 29 USC 1135; ERISA sec 505
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Regulatory Flexibility Analysis Required:
Undetermined
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Government Levels Affected:
Undetermined
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Federalism:
No
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Energy Effects:
No
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Included in the Regulatory Plan:
No
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Initial (Administrative Startup and /or Capital) Cost:
$0
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Yearly (Annual Operating) Cost:
$0
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Related RINs:
Related to 1210-AB22
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Agency Contact:
Janet Walters
Senior Advisor
Department of Labor
Employee Benefits Security Administration
200 Constitution Avenue NW., FP Building, Room N5669,
Washington, DC 20210
Phone:202 693-8500
Fax:202 219-7291
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