News Release

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Release Date: October 9, 2008
Contact Name: Gloria Della
Phone Number: 202.693.8664

U.S. Labor Department to hold hearing on investment advice proposals

Washington— The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) will hold a public hearing October 21, 2008, to hear testimony on a proposed regulation and class exemption for the provision of investment advice. The hearing will begin at 8:00 a.m. in Room S-3215 A-B, 200 Constitution Avenue, NW in Washington, DC.

On August 22, 2008, the department published in the Federal Register a regulatory proposal and a proposed class exemption concerning the provision of investment advice to participants and beneficiaries of self-directed individual account plans, such as 401(k) plans, and Individual Retirement Arrangements (IRAs).

In view of the importance of these proposals to participants and beneficiaries, the department decided to hold a public hearing to afford interested persons the opportunity to supplement their written comments with information relevant to the department’s development of a final rule and class exemption. The department expects that persons testifying at the hearing will present information not previously addressed in their written comments.

Persons wishing to testify at the hearing should submit by October 16, 2008 an outline of topics to be discussed via the internet to e-ORI@dol.gov. Information on the hearing agenda will be posted on the EBSA’s Web site at www.dol.gov/ebsa.

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