U.S. Labor Department further extends effective date of rules on investment advice

Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today announced publication of a notice further extending the applicability and effective dates of the final rule on investment advice under the Pension Protection Act to May 17, 2010. The notice is expected to be published in the November 17 edition of the Federal Register.

On January 21, 2009, the department published a final rule governing the provision of investment advice under the Employee Retirement Income Security Act’s prohibited transaction provisions. On March 20, the department extended the applicability and effective dates of the final regulation from March 23 to May 22. On May 22, the applicability and effective dates were further extended to November 18. The department since has determined that additional time is necessary to consider the legal and policy issues raised by comments on the final rule. Today’s extension of the effective and applicability dates will afford the department the additional time to determine appropriate steps to be taken.

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