US Department of Labor announces a public hearing on proposed definition of fiduciary regulation

WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today announced it will hold a public hearing on March 1, 2011 and if necessary, March 2, 2011, in Washington, D.C. on the proposed rule amending the definition of the term “fiduciary.” The proposed rule was published in the Oct. 22, 2010 Federal Register for public comment.

The department expects to issue a formal notice with details on the public hearing and the submission of requests to testify in early January 2011. The department will not consider requests to testify in advance of the publication of the formal notice in the Federal Register.

To ensure that all interested persons have the opportunity to prepare and submit comments on the proposed rule, EBSA will be accepting public comments until Feb. 3, 2011, two weeks after the close of the Jan. 20, 2011 comment period provided in the proposed regulation.

“We recognize the significance of the proposed rule for plans, participants, beneficiaries and many plan service providers and therefore believe the steps we are announcing today will ensure broad consideration of all the issues and interests in this regulation,” said EBSA Assistant Secretary Phyllis C. Borzi. “For this process to work efficiently, however, all comments must be submitted no later than February 3.”