Public Hearings on DOL Proposal to Define ESOP Appraisers as Fiduciaries Scheduled

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) 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 includes a definition of ESOP appraisers as fiduciaries, generating considerable concern among ESOP companies and advisers. The department says it 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." Responses can be submitted through www.regulations.gov or emailed to [email protected]. In an email, the subject line should read, "Definition of Fiduciary Proposed Rule." See the NCEO's comments on the proposed regulation at this link.