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April 24, 2006 1942. Amendment of Standards Applicable to General Statutory Exemption For Services
Priority: Other Significant. Major status under 5 USC 801 is
undetermined.
Legal Authority: 29 USC 1108(b)(2); 29 USC 1135
CFR Citation: 29 CFR 2550
Legal Deadline: None
Abstract: This rulemaking will amend the regulation setting forth the
standards applicable to the exemption under ERISA section 408(b)(2) for
contracting or making a reasonable arrangements with a party in
interest for office spaces for services (29 CFR section 2550.408b-2).
This amendment will ensure that plan fiduciaries are provided or have
access to that information necessary to a determination of whether an
arrangement for services is ``reasonable'' within the meaning of the
statutory exemption, as well as the prudence requirements of ERISA
section 404(a)(1)(B). This regulation is
needed to eliminate the current uncertainty as to what information
relating to services and fees plan fiduciaries must obtain and service
providers must furnish for purposes of determining whether a contract
for services to be rendered to a plan is reasonable.
Timetable:
Action Date FR Cite
NPRM 08/00/06
Regulatory Flexibility Analysis Required: Undetermined
Government Levels Affected: None
Agency Contact: Kristen Zarenko, Pension Law Specialist, Department of
Labor, Employee Benefits Security Administration, 200 Constitution
Avenue NW., FP Building, Room N-5669, Washington, DC 20210
Phone: 202 693-8500
RIN: 1210-AB08
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