EBSA withdraws final rule
WASHINGTON — The Employee Benefits Security Administration (EBSA) has published a notice withdrawing the final rule on the provision of investment advice under the Employee Retirement Income Security Act’s prohibited transaction provisions. The regulatory action is expected to be published in the Nov. 20 edition of the “Federal Register.”
The notice withdraws the Jan. 21, 2009, final rule that implemented a statutory prohibited transaction exemption under the Pension Protection Act (PPA), and provided an additional administrative class exemption. The department decided to withdraw the rule based on public comments that raised sufficient doubts as to whether the conditions of the final rule and the class exemption associated with the rule could adequately protect the interests of plan participants and beneficiaries. The department recently extended the applicability and effective dates of the final rule until May 17, 2010. That extension expires upon the effective date of this withdrawal.
The department intends to publish separately a proposed rule that conforms to the PPA statutory exemption relating to investment advice.
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Shale oil: market correction or longterm direction?
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- MBJ exclusive: Jackson’s new airport CEO fulfills desire to taking on the top job
- Tanger Outlets involved in Southaven project
- Hyatt-Place is Columbus’ newest hotel option
- DAVID DALLAS: Who in the Hell are We?
- J.McLaughlin to open in Highland Village next spring
- New Mississippi state highway map is available for the public
- Analysts hail BancorpSouth stock buyback as ‘handsome’ reward for shareholders