Statement of Assistant Secretary Ann L. Combs Regarding SunAmerica Advisory Opinion

Archived News Release — Caution: Information may be out of date.

“Advisory Opinion 2001-09 provides important guidance for the provision of much-needed asset allocation advice to plan participants. The advisory opinion explains how financial service providers can provide independent investment advice without running afoul of the ERISA prohibited transaction rules."

“In issuing this opinion, the department would like to remind the regulated community that exemptions will only be provided for conduct that is clearly prohibited under ERISA. The department is willing to issue advisory opinions, however, when it believes a transaction under consideration is legal."

“While this opinion is an important precedent and will facilitate the provision of investment advice, the department looks forward to the Senate passing the Retirement Security Advice Act passed by a bipartisan majority of the House of Representatives on November 15, 2001. The legislation would provide participants with access to a broad array of advice services, and remove barriers to employers offering advice services.”

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Archived News Release — Caution: Information may be out of date.