Proposed Rules for § 401(k)s and IRAs

The following is through the courtesy of Neil Hendershot, editor of the PA Elder, Estate & Fiduciary Law Blog.

On August 21, 2008, the U.S. Department of Labor issued a Press Release entitled U.S. Labor Department proposes rules on investment advice exemption for 401(k) plans and IRAs that announced proposed regulations to govern rendering of investment advice for 401(k) and IRA plans.

The proposed regulations were published in the Federal Register on August 22, 2008 (Volume 73, Number 164) by the Employee Benefits Security Administration as document 49896–49923 [E8–19272] entitled Investment Advice; Participants and Beneficiaries (also available in PDF format as amendments to 29 CFR Parts 2550, 29 pages).

For further commentary, see Proposed Fed Regs on Retirement Plans (09/09/08).