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Release Date: February 2, 2007
Contact Name: Gloria Della
Phone Number: 202.693.8664
Washington - The U.S. Department of Labor’s
Employee Benefits Security Administration (EBSA) today released Field
Assistance Bulletin (FAB) 2007-01 that provides guidance to field
investigators regarding the statutory exemption for investment advice in
the Pension Protection Act (PPA).
The FAB clarifies that past guidance relating to
investment advice, including Interpretive Bulletin 96-1, Advisory
Opinions 97-15A, 2001-09A (SunAmerica Advisory Opinion), and 2005-10A,
continue to represent the views of the department, and may continue to
be relied upon by the employee benefits community.
The FAB also specifically addresses the standards for
selecting and monitoring a fiduciary investment adviser, both under the
investment advice exemption of the PPA and more generally. Furthermore,
the FAB addresses the level-fee requirement of the exemption and whether
affiliates and employers of persons who serve as fiduciary advisers are
subject to the conditions of the exemption.
The FAB is part of the department’s ongoing
compliance assistance program to help employers, plan officials, service
providers and others comply with ERISA. Field Assistance Bulletins are
available on the Internet at www.dol.gov/ebsa.
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7765 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page.
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