On January 20, the United States Department of Labor (DOL) made its semiannual regulatory agenda and regulatory plan statement available on its website. The regulatory agenda is the DOL’s list of regulations it expects to have under active consideration for promulgation, proposal, or review during the next six to 12 months. The Employee Benefits Security Administration (EBSA) is the DOL agency that is responsible for administering and enforcing much of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
During the next six to 12 months, EBSA expects to continue to issue guidance to assist in implementing the health reform provisions of the Affordable Care Act in order to both minimize disruptions to existing plans and practices, and to make as smooth as possible the implementation of the legislation’s market reforms. Much of the regulations and guidance issued by EBSA in this regard is expected to be in the form of joint rulemakings with the Departments of Health and Human Services and the Treasury.
EBSA is also expecting to re-propose regulations to clarify circumstances under which a person will be considered a “fiduciary” when such person is providing investment advice to employee benefit plans and their participants and beneficiaries. The DOL previously withdrew its proposed regulations on this topic in late 2011 in response to the number of public comments it received with respect to such proposed regulations. The re-proposed regulations are expected to take into account the current practices of investment advisers as well as the expectations of both plan officials and the participants that receive the investment advice.
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.