ComplianceDecember 22, 2010

EBSA Plans Hearing About Fiduciary Definition Change

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has announced a March 2011 hearing on a proposed rule changing the scope of the term “fiduciary.”

Reported by Fred Schneyer

An EBSA news release said the session will be March 1 and, if necessary, March 2 in Washington. According to the announcement, 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.

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 February 3, 2011, two weeks after the close of the January 20, 2011 comment period provided in the proposed regulation (see “DoL Broadens Fiduciary Net“).

“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.