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DOL/EBSA | RIN: 1210-AB08 | Publication ID: Fall 2007 |
Title: Amendment of Standards Applicable to General Statutory Exemption for Services | |
Abstract: This rulemaking will amend the regulation setting forth the standards applicable to the exemption under ERISA section 408(b)(2) for contracting or making reasonable arrangements with a party in interest for office space or services (29 CFR 2550.408b-2). This amendment will ensure that plan fiduciaries are provided or have access to that information necessary to a determination of whether an arrangement for services is reasonable within the meaning of the statutory exemption. | |
Agency: Department of Labor(DOL) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 29 CFR 2550 | |
Legal Authority: 29 USC 1108(b)(2) 29 USC 1135 |
Legal Deadline:
None |
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Statement of Need: This regulation is needed to eliminate the current uncertainty as to what information relating to services and fees plan fiduciaries must obtain and service providers must furnish for purposes of determining whether a contract for services to be rendered to a plan is reasonable. |
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Summary of the Legal Basis: Section 505 of ERISA provides that the Secretary may prescribe such regulations as she finds necessary and appropriate to carry out the provisions of title I of the Act. Regulation 29 CFR 2550.408b-2 sets for the conditions necessary for relief, including the requirement that such contract or arrangement is reasonable. |
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Alternatives: Alternatives will be considered following a determination of the scope and nature of the regulatory guidance needed by the public. |
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Anticipated Costs and Benefits: Preliminary estimates of the anticipated costs and benefits will be developed, as appropriate, following a determination regarding the alternatives to be considered. |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: Yes | |
RIN Data Printed in the FR: No | |
Agency Contact: Kristen Zarenko 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 |