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Release Date: 11/14/2002
Release Number: 02-25
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Washington, DC - The
U.S. Department of Labor’s Pension and Welfare Benefits Administration
today released a Field Assistance Bulletin (FAB) regarding the
compensation earned by service providers from short-term investments of
plan assets, commonly called “float.” The FAB describes the duties of
a fiduciary to prudently select and monitor service providers regarding
these earnings, as well as describes the obligations of service providers
to disclose sufficient information to their employee benefit plan
customers to enable plan fiduciaries to make an informed decision about
compensation agreements.
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The FAB is part of the
department’s ongoing compliance assistance program to help employers,
plan officials, service providers and others comply with the Employee
Retirement Income Security Act.
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Field Assistance
Bulletins are part of the department’s compliance assistance resources
available at www.dol.gov/pwba.
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7755. |
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