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DOL/EBSA RIN: 1210-AB13 Publication ID: Fall 2009 
Title: Prohibited Transaction Exemption for Provision of Investment Advice to Participants in Individual Account Plans 
Abstract: Section 601 of the Pension Protection Act (Pub. L. 109-280) amended ERISA by adding new sections 408(b)(14) and 408(g). Section 408(b)(14) is a prohibited transaction exemption that permits the provision of investment advice to participants or beneficiaries of certain individual account plans if the investment advice is provided under an “eligible investment advice arrangement,” as defined in section 408(g). In order to qualify as an “eligible investment advice arrangement,” the arrangement must either provide that any fees received by the adviser do not vary depending on the basis of any investment options selected, or use a computer model under an investment advice program that meets the criteria set forth in section 408(g) in connection with the provision of investment advice. Further, with respect to both types of advice arrangements, the investment adviser must disclose to advice recipients all fees that the adviser or any affiliate is to receive in connection with the advice. Section 408(g) requires that the computer model which serves as the basis for an eligible investment advice arrangement be certified by an “eligible investment expert” in accordance with rules prescribed by the Secretary of Labor. Section 408(g) also directs the Secretary of Labor to issue a model form for the required disclosure of fees. EBSA published a Request for Information that invited interested persons to submit written comments and suggestions concerning the expertise and procedures that may be needed to certify that a computer model meets the statutory criteria, and the content, types, and designs of fee disclosure materials currently used and their usefulness to plan participants. 
Agency: Department of Labor(DOL)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 29 CFR 2550 
Legal Authority: 29 USC 1108(g); 29 USC 1135; PL 109-280, sec 601(a), Pension Protection Act of 2006; ERISA sec 408(g); ERISA sec 505 
Legal Deadline:  None
Timetable:
Action Date FR Cite
Request for Information  12/04/2006  71 FR 70429 
Request for Information Comment Period End  01/30/2007   
NPRM  08/22/2008  73 FR 49896 
NPRM Comment Period End   10/06/2008  73 FR 49896 
Notice of Hearing To Be Held--October 21, 2008  10/14/2008  73 FR 60657 
Final Action  01/21/2009  74 FR 3822 
Final Action Effective  03/29/2009   
Notice of Proposed Extension of Effective Date   02/04/2009  74 FR 6007 
Final Rule; Delay of Effective Date and Applicability Date  03/20/2009  74 FR 11847 
Final Rule; Delay of Effective Date and Applicability Date  05/22/2009  74 FR 23951 
Final Action  12/00/2009   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Fred Wong
Senior Pension Law Specialist
Department of Labor
Employee Benefits Security Administration
200 Constitution Avenue NW., FP Building, Room N-5655,
Washington, DC 20210
Phone:202 693-8500
Fax:202 219-7291

 
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