Selection of Annuity Providers for Individual Account Plans
[09/12/2007]
Volume 72, Number 176, Page 52021-52025
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
29 CFR Part 2550
RIN 1210-AB19
Selection of Annuity Providers for Individual Account Plans
AGENCY: Employee Benefits Security Administration, Department of Labor.
ACTION: Proposed regulation.
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SUMMARY: This document contains a proposed regulation that, upon
adoption, would establish a safe harbor for the selection of annuity
providers for the purpose of benefit distributions from individual
account plans covered by title I of the Employee Retirement Income
Security Act (ERISA). Also appearing in today's Federal Register is an
interim final rule amending Interpretive Bulletin 95-1 to limit the
application of the Bulletin to the selection of annuity providers for
defined benefit plans. The proposed regulation, upon adoption, will
affect plan sponsors and fiduciaries of individual account plans, and
the participants and beneficiaries covered by such plans.
DATES: Written comments on the proposed regulation should be received
by the Department of Labor on or before November 13, 2007.
ADDRESSES: To facilitate the receipt and processing of comments, the
Department encourages interested persons to submit their comments
electronically to http://www.regulations.gov. (follow instructions for submission of comments) or e-ORI@dol.gov. Persons submitting comments
electronically are encouraged not to submit paper copies. Persons
interested in submitting comments on paper should send or deliver their
comments to: Office of Regulations and Interpretations, Employee
Benefits Security Administration, Room N-5669, U.S. Department of
Labor, 200 Constitution Avenue, NW., Washington, DC 20210. Attention:
Annuity Regulation. Comments received will be posted without change,
including any personal information provided, to http://www.regulations.gov and
http://www.dol.gov/ebsa, and also available for public inspection at
the Public Disclosure Room, Employee Benefits Security Administration,
U.S. Department of Labor, Room N-1513, 200 Constitution Avenue, NW.,
Washington, DC 20210.
FOR FURTHER INFORMATION CONTACT: Janet A. Walters or Allison E.
Wielobob, Office of Regulations and Interpretations, Employee Benefits
Security Administration, U.S. Department of Labor, Washington, DC
20210, (202) 693-8510. This is not a toll-free number.
SUPPLEMENTARY INFORMATION:
A. Background
In 1995, the Department issued Interpretive Bulletin 95-1 (29 CFR
2509.95-1) (the IB), providing guidance concerning the fiduciary
standards under Part 4 of Title I of ERISA applicable to the selection
of annuity providers for purposes of pension plan benefit
distributions. In general, the IB makes clear that the selection of an
annuity provider in connection with benefit distributions is a
fiduciary act governed by the fiduciary standards of section 404(a)(1),
including the duty to act prudently and solely in the interest of the
plan's participants and beneficiaries. In this regard, the IB provides
that plan fiduciaries must take steps calculated to obtain the safest
annuity available, unless under the circumstances it would be in the
interest of the participants and beneficiaries to do otherwise. The IB
also provides that fiduciaries must conduct an objective, thorough and
analytical search for purposes of identifying providers from which to
purchase annuities and sets forth six factors that should be considered
by fiduciaries in evaluating a provider's claims paying ability and
creditworthiness.
In Advisory Opinion 2002-14A (Dec. 18, 2002) the Department
expressed the view that the general fiduciary principles set forth in
the IB with regard to the selection of annuity providers apply equally
to defined benefit and defined contribution plans. The opinion
recognized that, the selection of annuity providers by the fiduciary of
a defined contribution plan would be governed by section 404(a)(1) and,
therefore, such fiduciary, in evaluating claims paying ability and
creditworthiness of an annuity provider, should take into account the
six factors set forth in 29 CFR 2509.95-1(c).
The Pension Protection Act of 2006 (the PPA) (Pub. L. 109-280, 120
Stat. 780) was enacted on August 17, 2006. Section 625 of the PPA
directs the Secretary to issue final regulations within one year of the
date of enactment, clarifying that the selection of an annuity contract
as an optional form of distribution from an individual account plan is
not subject to the safest available annuity standard under Interpretive
Bulletin 95-1 and is subject to all otherwise applicable fiduciary
standards. Consistent with section 625 of the PPA, the Department is
amending Interpretive Bulletin 95-1, also published in today's Federal
Register, to limit its application to defined benefit plans.
Given that the fiduciary standards in Interpretive Bulletin 95-1
would not apply to the selection of an annuity contract as an optional
form of distribution from an individual account plan, the Department is
proposing the adoption of this regulation that, in the form of a safe
harbor, provides guidance concerning the fiduciary considerations
attendant to the selection of annuity providers and contracts for
purposes of benefit distributions from individual account plans. An
overview of the proposed regulation follows.
B. Overview of Proposal
Scope of the Proposal
Paragraph (a) of Sec. 2550.404a-4 provides that the scope of the
proposed regulation is to provide guidance concerning ERISA's fiduciary
standards applicable to the selection of annuity providers for the
purpose of benefit distributions from an individual account plan and
benefit distribution options made available to participants and
beneficiaries under such plans. Paragraph (a) also includes a reference
to Sec. 2509.95-1 for guidance concerning the selection of annuity
providers for defined benefit plans.
[[Page 52022]]
Application of General Fiduciary Standards
Paragraph (b) of Sec. 2550.404a-4 provides that selecting an
annuity provider in connection with a benefit distribution, or a
benefit distribution option made available to plan participants and
beneficiaries, is a fiduciary act governed by the fiduciary standards
of section 404(a)(1) of ERISA, pursuant to which fiduciaries must
discharge their duties with respect to the plan solely in the interest
of the participants and beneficiaries. Section 404(a)(1)(A) provides
that the fiduciary must act for the exclusive purpose of providing
benefits to the participants and beneficiaries and defraying reasonable
plan administration expenses. Section 404(a)(1)(B) requires a fiduciary
to act with the care, skill, prudence and diligence under the
prevailing circumstances that a prudent person acting in a like
capacity and familiar with such matters would use.
Selection of Annuity Providers and Contracts
Pursuant to paragraph (c) of Sec. 2550.404a-4, a fiduciary will
have acted prudently in selecting an annuity provider and contract for
purposes of benefit distributions, or benefit distribution options made
available to participants and beneficiaries under the plan, if the
conditions of that paragraph are satisfied. The specific conditions of
this safe harbor are set forth in paragraph (c)(1)(A)-(F) of the
proposal.
Consistent with the requirements applicable to the selection of
service providers generally, paragraph (c)(1)(A) requires the fiduciary
to engage in an objective, thorough and analytical search for the
purpose of identifying and selecting providers from which to purchase
annuities. Any such process must avoid self dealing, conflicts of
interest or other improper influence, and should, to the extent
feasible, involve consideration of competing annuity providers.
Paragraph (c)(1)(B) requires that the fiduciary responsible for the
selection of the annuity provider appropriately determine whether he or
she has the expertise or knowledge to meaningfully evaluate the annuity
provider consistent with the requirements of the regulation. In those
instances where the fiduciary appropriately determines that he or she
has such expertise or knowledge, the fiduciary is not required to
engage an independent expert (i.e., an expert independent of the
annuity provider) to evaluate the annuity provider.
Paragraph (c)(1)(C) requires that the fiduciary appropriately
consider information sufficient to assess the ability of the annuity
provider to make all future payments under the annuity contract.
Paragraph (c)(1)(D) requires that the fiduciary appropriately consider
the cost of the annuity contract in relation to the benefits and
administrative services to be provided under the contract. Paragraph
(c)(1)(E) requires that the fiduciary appropriately conclude that, at
the time of the selection, the annuity provider is financially able to
make all future payments under the annuity contract and the cost of the
annuity contract is reasonable in relation to the benefits and services
to be provided under the contract.
Paragraph (c)(1)(F) requires that, for annuity providers selected
to provide multiple annuities over time, the fiduciary periodically
review the appropriateness of the conclusion described in paragraph
(c)(1)(E), taking into account the factors described in paragraph
(c)(1)(C) and (D). However, paragraph (c)(1)(F) does not require the
fiduciary to review the appropriateness of an annuity provider with
respect to an annuity contract after it is purchased for an individual
participant or beneficiary.
Paragraph (c)(2) provides additional guidance regarding how the
fiduciary can meet the requirements of paragraphs (c)(1)(C) and (D).
For example, paragraph (c)(2)(C) requires consideration of the annuity
provider's experience and financial expertise. Paragraph (c)(2)(D)
requires consideration of the annuity provider's level of capital,
surplus, and reserves available to make payments under the annuity
contract. Paragraph (c)(2)(E) requires that the fiduciary consider
whether an annuity provider's rating (as determined by an appropriate
rating service(s)) demonstrate or raise questions regarding the
provider's ability to make future payments under the annuity contract.
And, paragraph (c)(2)(G) requires that the fiduciary consider the
availability of additional protections through state guaranty
associations and the extent of their guarantees. In this regard, the
type of information that the fiduciary should consider is information
that is available to the public and easily accessible through such
associations as well as state insurance departments. If known facts
call into question the ability of a state association offering
guarantees to meet its obligations under the guarantee, it would be
incumbent on the fiduciary to weigh that information when selecting an
annuity provider.
Lastly, paragraph (c)(2)(H) requires consideration of any other
information that the fiduciary knows or should know would be relevant
to an evaluation of paragraphs (c)(1)(C) and (D). Such information
would include that information which may not otherwise be described in
paragraph (c)(2) or information surrounding events which, because of
timing, may not yet have been reflected in those factors. For example,
if a fiduciary learned through public indicators, such as the news
media, that a corporate event affecting an annuity provider could call
into serious question the provider's ability to make future payments
under its contracts, or if the provider publicly stated that it was
unlikely to survive the event in a manner that would ensure its ability
to meet its financial commitments, the fiduciary would have an
obligation to consider that information in evaluating paragraphs
(c)(1)(C) and (D).
C. Request for Comments
The Department invites comments from interested persons on all
aspects of the proposed regulation. To facilitate the receipt and
processing of comments, EBSA encourages interested persons to submit
their comments electronically to http://www.regulations.gov. (follow instructions for the submission of comments) or e-ORI@dol.gov. Persons
submitting comments electronically are encouraged not to submit paper
copies. Persons interested in submitting comments on paper should send
or deliver their comments to: Office of Regulations and
Interpretations, Employee Benefits Security Administration, Room N-
5669, U.S. Department of Labor, 200 Constitution Avenue, NW.,
Washington, DC 20210. Attention: Annuity Regulation. All comments will
be available to the public, without charge, online at
www.regulations.gov and http://www.dol.gov/ebsa, and at the Public
Disclosure Room, Employee Benefits Security Administration, U.S.
Department of Labor, Room N-1513, 200 Constitution Avenue, NW.,
Washington, DC, 20210 from 8 a.m. to 4:30 p.m. (Monday-Friday).
D. Effective Date
The Department proposes to make the regulation effective 60 days
after the date of publication of the final rule in the Federal
Register.
E. Regulatory Impact Analysis
Executive Order 12866 Statement
Under Executive Order 12866 (58 FR 51735), the Department must
determine whether a regulatory action is ``significant'' and therefore
subject to
[[Page 52023]]
review by the Office of Management and Budget (OMB). Section 3(f) of
the Executive Order defines a ``significant regulatory action'' as an
action that is likely to result in a rule (1) having an annual effect
on the economy of $100 million or more, or adversely and materially
affecting a sector of the economy, productivity, competition, jobs, the
environment, public health or safety, or State, local or tribal
governments or communities (also referred to as ``economically
significant''); (2) creating serious inconsistency or otherwise
interfering with an action taken or planned by another agency; (3)
materially altering the budgetary impacts of entitlement grants, user
fees, or loan programs or the rights and obligations of recipients
thereof; or (4) raising novel legal or policy issues arising out of
legal mandates, the President's priorities, or the principles set forth
in the Executive Order. For purposes of Executive Order 12866, the
Department has determined that it is appropriate to review the proposed
regulation contained in this document, which, upon adoption, will
provide, in the form of a safe harbor, standards for the selection of
annuity providers by fiduciaries of individual account plans, in
conjunction with the amendment to Interpretive Bulletin 95-1, also
appearing in today's Federal Register, that, consistent with
Congressional intent, establishes that the standards of the Bulletin no
longer apply to individual account plans. These regulatory actions
together implement section 625 of the Pension Protection Act of 2006.
Having considered these regulatory actions in the aggregate, the
Department believes that these actions are not economically significant
within the meaning of section 3(f)(1) the Executive Order. The actions,
however, have been determined to be significant within the meaning of
section 3(f)(4) of the Executive Order, and the Department accordingly
provides the following assessment of the potential benefits and costs.
As elaborated below, the Department believes that the benefits of the
regulation will justify its costs.
There is growing concern that, with increases in life expectancy,
many retirees may outlive their retirement savings. In this
environment, annuities offer one means by which retirees may ensure a
lifetime income.\1\ While a number of possible factors may influence a
plan sponsor's decision not to offer an annuity distribution option as
part of its plan, an often cited factor is concern about the fiduciary
liability attendant to selecting the ``safest available'' annuity, as
required by Interpretive Bulletin 95-1.\2\ The Department believes that
many of those plan sponsors that viewed fiduciary liability attendant
to compliance with the ``safest available'' annuity standard as the
primary impediment to including an annuity option in their plan will be
more willing to consider the addition of such an option with the
amendment of Interpretive Bulletin 95-1 and the establishment of
fiduciary standards, in the form of a safe harbor, for the prudent
selection of annuity providers for individual account plans. Providing
such a safe harbor to plan sponsors is unlikely to discourage plans
that currently offer an annuity option from continuing to do so, and it
may encourage more plans to offer an annuity alternative. This will
give more participants the opportunity to annuitize their retirement
savings, while not impeding them from choosing other distribution
options.
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\1\ See GAO-03-810 Private Pensions: Participants Need
Information on Risks They Face in Managing Pension Assets at and
during Retirement (July 2003) at http://www.gao.gov/htext/d03810.html.
Also see Report of Working Group on Retirement
Distributions & Options (November 2005), Advisory Council on
Employee Welfare and Pension Benefit Plans, at http://www.dol.gov/ebsa/publications/AC_1105A_report.html
.
\2\ Such factors may include burdens attendant to administering
qualified joint and survivor annuity options and spousal consent
requirements, complexity of communications, need for participant
education, lack of participant interest. See GAO-03-810 Private
Pensions: Participants Need Information on Risks They Face in
Managing Pension Assets at and during Retirement (July 2003) at
http://www.gao.gov/htext/d03810.html. Also see Report of Working
Group on Retirement Distributions & Options (November 2005),
Advisory Council on Employee Welfare and Pension Benefit Plans, at
http://www.dol.gov/ebsa/publications/AC_1105A_report.html.
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The proposed regulation could affect demand for annuities in two
ways: by lowering the price of annuities, and by encouraging more plans
to offer annuities by providing a safe harbor. Current research on
annuities suggests that individual demand is largely price inelastic,
which implies that a lower price would not result in a significant
increase in individuals choosing an annuity. Holding the propensity of
eligible individuals electing annuities constant but increasing the
number of plans offering annuities, however, would result in an
increase in the total number of individuals electing annuities.
The Department estimates that in response to the safe harbor, the
share of participants offered an annuity option for their withdrawal
would increase by 1 percentage point, from 25 to 26 percent,\3\ while
the share of eligible participants electing an annuity would remain at
6 percent.\4\ The resulting total amount transferred into annuities by
DC participants annually would be $2.41 billion, $93 million of which
would be attributable to the regulation.\5\ While the estimated annual
effect of this regulatory action is not considered ``economically
significant,'' it is sensitive to assumptions regarding average
separation rates, election rates and account balances.\6\ The
Department invites comments from interested persons on the
appropriateness of these assumptions.
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\3\ Form 5500 data reports the number of participants in a DC
plan that use insurance for at least one method of benefit payouts.
This information was used to estimate the share of participants
currently offered an annuity option for withdrawal, 25 percent in
2003.
\4\ Hewitt Associates. ``Survey Findings: Trends and Experiences
in 401(k) Plans, 2005''.
\5\ Estimate based on the average total balance of DC
withdrawals as reported in Fidelity Investments', ``Building
Futures: How Workplace Savings are Shaping the Future of
Retirement,'' A Report on Corporate Defined Contribution Plans:
2006.
\6\ The reported analysis used separation rates reported in,
Poterba, James, Steven Venti and David A. Wise. ``Demographic
Change, Retirement Saving and Financial Market Returns: Part I,''
December 19, 2005. An alternative analysis, using withdrawal rates
reported in Fidelity Investments', ``Building Futures: How Workplace
Savings are Shaping the Future of Retirement,'' A Report on
Corporate Defined Contribution Plans: 2006 generated an increase of
$158 million.
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Regulatory Flexibility Act
The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) (RFA) imposes
certain requirements with respect to Federal rules that are subject to
the notice and comment requirements of section 553(b) of the
Administrative Procedure Act (5 U.S.C. 551 et seq.) and that are likely
to have a significant economic impact on a substantial number of small
entities. Unless an agency certifies that a proposed rule will not have
a significant economic impact on a substantial number of small
entities, section 603 of the RFA requires that the agency present an
initial regulatory flexibility analysis at the time of the publication
of the notice of proposed rulemaking describing the impact of the rule
on small entities and seeking public comment on such impact. The
Department has considered the likely impact of the proposed regulation
on small entities in connection with its assessment under Executive
Order 12866, described above, and believes this rule will not have a
significant impact on a substantial number of small entities. See
foregoing analysis.
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Paperwork Reduction Act
This rulemaking is not subject to the requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C. Sec. 301 et seq.) because it does not
contain ``collection of information'' requirements as defined in 44
U.S.C. Sec. 3502(3). Accordingly, this proposed regulation is not
being submitted to the OMB for review under the Paperwork Reduction
Act.
Unfunded Mandates Reform Act
For purposes of the Unfunded Mandates Reform Act of 1995 (Pub. L.
104-4), the proposed regulation does not include any Federal mandate
that may result in expenditures by State, local, or tribal governments,
or impose an annual burden exceeding $100 million on the private
sector.
Federalism Statement
Executive Order 13132 (August 4, 1999) outlines fundamental
principles of federalism and requires Federal agencies to adhere to
specific criteria in the process of their formulation and
implementation of policies that have substantial direct effects on the
States, the relationship between the national government and the
States, or on the distribution of power and responsibilities among the
various levels of government. This proposed regulation does not have
federalism implications because it has no substantial direct effect on
the States, on the relationship between the national government and the
States, or on the distribution of power and responsibilities among the
various levels of government. Section 514 of ERISA provides, with
certain exceptions specifically enumerated, that the provisions of
Titles I and IV of ERISA supersede any and all laws of the States as
they relate to any employee benefit plan covered under ERISA. The
requirements implemented in the proposed regulation do not alter the
fundamental provisions of the statute with respect to employee benefit
plans, and as such would have no implications for the States or the
relationship or distribution of power between the national government
and the States.
List of Subjects in 29 CFR Part 2550
Annuities, Employee benefit plans, Fiduciaries, Pensions.
For the reasons set forth in the preamble, the Department proposes
to amend Chapter XXV of Title 29 of the Code of Federal Regulations as
follows:
PART 2550--RULES AND REGULATIONS FOR FIDUCIARY RESPONSIBILITY
1. The authority citation for part 2550 is revised to read as
follows:
Authority: 29 U.S.C. 1135; sec. 657, Pub. L. 107-16, 115 Stat.
38; and Secretary of Labor's Order No. 1-2003, 68 FR 5374 (Feb. 3,
2003). Sec. 2550.401b-1 also issued under sec. 102, Reorganization
Plan No. 4 of 1978, 43 FR 47713 (Oct. 17, 1978), 3 CFR, 1978 Comp.
332, effective Dec. 31, 1978, 44 FR 1065 (Jan. 3, 1978), 3 CFR, 1978
Comp. 332. Sec. 2550.401c-1 also issued under 29 U.S.C. 1101.
Sections 2550.404c-1 and 2550.404c-5 also issued under 29 U.S.C.
1104. Sec. 2550.407c-3 also issued under 29 U.S.C. 1107. Sec.
2550.408b-1 also issued under 29 U.S.C. 1108(b)(1) and sec. 102,
Reorganization Plan No. 4 of 1978, 3 CFR, 1978 Comp. p. 332,
effective Dec. 31, 1978, 44 FR 1065 (Jan. 3, 1978), and 3 CFR, 1978
Comp. 332. Sec. 2550.412-1 also issued under 29 U.S.C. 1112. Sec.
2550.404a-4 also issued under sec. 625, Pub. L. 109-280, 120 Stat.
780.
.2. Add Sec. 2550.404a-4 to read as follows:
Sec. 2550.404a-4 Selection of annuity providers for individual
account plans.
(a) Scope. This section provides guidance concerning the fiduciary
standards under part 4 of title I of the Employee Retirement Income
Security Act of 1974 (ERISA), 29 U.S.C. 1104-1114, applicable to the
selection of an annuity provider for the purpose of benefit
distributions from an individual account plan or benefit distribution
options made available to participants and beneficiaries under such a
plan. For guidance concerning the selection of an annuity provider for
defined benefit plans see 29 CFR 2509.95-1.
(b) In general. When an individual account plan purchases an
annuity from an insurer as a distribution of benefits to a participant
or beneficiary, the plan's liability for the payment of those benefits
is transferred to the annuity provider. The selection of an annuity
provider in connection with a benefit distribution, or a benefit
distribution option made available to participants and beneficiaries
under the plan, is governed by the fiduciary standards of section
404(a)(1) of ERISA. Pursuant to ERISA section 404(a)(1), fiduciaries
must discharge their duties with respect to the plan solely in the
interest of the participants and beneficiaries. Section 404(a)(1)(A)
provides that the fiduciary must act for the exclusive purpose of
providing benefits to the participants and beneficiaries and defraying
reasonable plan administration expenses. In addition, section
404(a)(1)(B) requires a fiduciary to act with the care, skill, prudence
and diligence under the prevailing circumstances that a prudent person
acting in a like capacity and familiar with such matters would use.
(c) Selection of annuity providers and contracts. (1) With regard
to a fiduciary's selection of an annuity provider for purposes of
benefit distributions from an individual account plan or benefit
distribution options made available to participants and beneficiaries
under such a plan, the requirements of section 404(a)(1)(B) of ERISA
are satisfied if the fiduciary:
(i) Engages in an objective, thorough and analytical search for the
purpose of identifying and selecting providers from which to purchase
annuities;
(ii) Appropriately determines either that the fiduciary had, at the
time of the selection, the appropriate expertise to evaluate the
selection or that the advice of a qualified, independent expert was
necessary;
(iii) Gives appropriate consideration to information sufficient to
assess the ability of the annuity provider to make all future payments
under the annuity contract;
(iv) Appropriately considers the cost of the annuity contract in
relation to the benefits and administrative services to be provided
under such contract;
(v) Appropriately concludes that, at the time of the selection, the
annuity provider is financially able to make all future payments under
the annuity contract and the cost of the annuity contract is reasonable
in relation to the benefits and services to be provided under the
contract; and
(vi) In the case of an annuity provider selected to provide
multiple contracts over time, periodically reviews the appropriateness
of the conclusion described in paragraph (c)(1)(v) of this section,
taking into account the factors described in paragraph (c)(1)(iii) and
(iv) of this section. For purposes of this paragraph, a fiduciary is
not required to review the appropriateness of an annuity provider with
respect to an annuity contract purchased for an individual participant
or beneficiary.
(2) For purposes of paragraphs (c)(1)(iii) and (iv) of this
section, a fiduciary shall consider information pertaining to the
following:
(i) The ability of the annuity provider to administer the payments
of benefits under the annuity to the participants and beneficiaries and
to perform any other services in connection with the annuity, if
applicable;
(ii) The cost of the annuity contract in relation to the benefits
and administrative services to be provided under such contract, taking
into account
[[Page 52025]]
the amount and nature of any fees and commissions;
(iii) The annuity provider's experience and financial expertise in
providing annuities of the type being selected or offered;
(iv) The annuity provider's level of capital, surplus and reserves
available to make payments under the annuity contract;
(v) The annuity provider's ratings by insurance ratings services.
Consideration should be given to whether an annuity provider's ratings
demonstrate or raise questions regarding the provider's ability to make
future payments under the annuity contract;
(vi) The structure of the annuity contract and benefit guarantees
provided, and the use of separate accounts to underwrite the provider's
benefit obligations;
(vii) The availability and extent of additional protection through
state guaranty associations; and
(viii) Any other information that the fiduciary knows or should
know would be relevant to an evaluation of paragraphs (c)(1)(iii) and
(iv) of this section.
Signed at Washington, DC, this 31st day of August, 2007.
Bradford P. Campbell,
Assistant Secretary, Employee Benefits Security Administration,
Department of Labor.
[FR Doc. E7-17743 Filed 9-11-07; 8:45 am]
BILLING CODE 4510-29-P
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