Alert December 28, 2010

DOL to Hold Public Hearing; Extend Deadline for Comments on Proposed Fiduciary Definition

The Department of Labor (“DOL”) announced that it will hold a public hearing in Washington D.C. on March 1, 2011 and, if necessary, March 2, 2011, on the proposed rule amending the definition of the term “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended.  The DOL expects to issue details through formal notice in the Federal Register in early January 2011.

The Department also extended the deadline for public comments on the proposed rule an additional two weeks, to Feb. 3, 2011.  Details on the proposed rule were reported in the November 23, 2010 Alert.