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Release Date: March 23, 2009
Release Number: 09-309-NAT
Contact Name: Gloria Della
Phone Number: 202.693.8664
Washington – The U.S. Department of
Labor’s Employee Benefits Security Administration (EBSA) published in
the March 20, 2009, edition of the Federal Register a notice extending
to May 22, 2009, the applicability and effective dates of the final rule
on investment advice under the Pension Protection Act (PPA).
The PPA amended the Employee Retirement Income
Security Act by adding a new prohibited transaction exemption that
allows greater flexibility for participants of 401(k) plans and
individual retirement accounts to obtain investment advice. On January
21, 2009, the department published the final rule.
The department has decided to postpone for 60 days
the effective and applicability dates of the final rule to give it time
to review legal and policy issues raised by many of the 26 public
comment letters received.
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 (large print, Braille, audio tape or
disc) from the COAST office upon request. Please specify which news release when
placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department 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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