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News Release
Employee Benefits Security Administration Releases Field Assistance Bulletin on Investment Advice
Archived News Release — Caution: Information may be out of date.
Washington - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today released Field Assistance Bulletin (FAB) 2007-01 that provides guidance to field investigators regarding the statutory exemption for investment advice in the Pension Protection Act (PPA).
The FAB clarifies that past guidance relating to investment advice, including Interpretive Bulletin 96-1, Advisory Opinions 97-15A, 2001-09A (SunAmerica Advisory Opinion), and 2005-10A, continue to represent the views of the department, and may continue to be relied upon by the employee benefits community.
The FAB also specifically addresses the standards for selecting and monitoring a fiduciary investment adviser, both under the investment advice exemption of the PPA and more generally. Furthermore, the FAB addresses the level-fee requirement of the exemption and whether affiliates and employers of persons who serve as fiduciary advisers are subject to the conditions of the exemption.
The FAB is part of the department’s ongoing compliance assistance program to help employers, plan officials, service providers and others comply with ERISA. Field Assistance Bulletins are available on the Internet at www.dol.gov/ebsa.
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Archived News Release — Caution: Information may be out of date.