EBSA Extends Comment Period for Fiduciary Definition Change

Those wishing to comment on a pending regulatory proposal to revamp the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA) now have more time to get their input officially submitted.

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced Tuesday that the deadline is being extended for 15 days after the date the official transcript of the EBSA March 1-2, 2011 public hearing on the proposal becomes available online and in the agency’s Public Disclosure room. EBSA said the release of the meeting transcript is not yet scheduled.

Comments can be submitted electronically to e-ORI@dol.gov with subject line: Public Hearing on Definition of Fiduciary or on paper to EBSA’s Office of Regulations and Interpretations, Attn: Public Hearing on Definition of Fiduciary, Room N-5655, U.S. Department of Labor, 200 Constitution Ave. NW, Washington, DC, 20210.

Comments on the proposal already submitted to the DoL can be read at http://www.dol.gov/ebsa/regs/cmt-1210-AB32.html.