The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) plans to hold a public hearing on March 1 in Washington on its proposed amendments to the term “fiduciary.” If necessary, EBSA says the hearing will also be held on March 2, and a formal notice with details on the hearing and those who will testify will be issued in early January. The Securities and Exchange Commission (SEC) is due to deliver its report on fiduciary duty to Congress on Jan. 21.
EBSA says it will also be accepting public comments on its fiduciary amendments until Feb. 3, 2011, two weeks after the close of the Jan. 20, 2011 comment period provided in the proposed regulation.
“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 Borzi, in a statement. “For this process to work efficiently, however, all comments must be submitted no later than February 3.”