Benefits & ERISA Law

It?s Official - DOL Applies Rahm Emanuel?s Memo to Investment Advice Regs

By Suzanne Wynn

Today, the Dept. of Labor issued a Notice proposing a 60-day extension and a new comment period for the investment advice regulations which the DOL published in the Federal Register on January 21, 2009. Originally effective on March 23, 2009, the DOL has now opened the comment period on the extension until February 18, 2009, and has proposed extending the effective date for these regulations until May 22, 2009.

The DOL states the reason for extending the deadline is the memorandum from Assistant to the President and Chief of Staff Rahm Emanual, dated January 20, 2009, which asked Agency Heads to consider extending the effective date of regulations which had been published in the Federal Register but not taken effect for an additional 60 days.

When published in the Federal Register, these regulations were 33 pages long published in the 3-column format. They add new Labor Regulation 2550.408g-1 regarding Investment Advice to participants and beneficiaries and Labor Regulation 2550.408g-2 regarding Investment Advice on fiduciary election. Also included in the regulations was a Model Notice on Fiduciary Adviser Disclosure.

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Full post as published by Pension Protection Act Blog on February 05, 2009 (boomark / email).