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EBSA Schedules Fiduciary Definition Hearing

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The Employee Benefits Security Administration (EBSA) will hold a hearing on a proposed changed in the definition of the term “fiduciary” March 1 in Washington.

EBSA, an arm of the U.S. Department of Labor, says it could make the hearing continue on March 2 if enough members of the public want to speak.

EBSA published a proposed fiduciary definition rule in the Federal Register Oct. 22.

“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,” officials say. “The department will not consider requests to testify in advance of the publication of the formal notice in the Federal Register.”

Origianlly, EBSA had planned to end the comment period for the proposed regulations Jan. 20, 2011, but it now has decided to extend the comment period until Feb. 3, 2011, officials say.

- Allison Bell