Senate Bill Addresses Proposed Fiduciary Status of ESOP Appraisal Firms
Executive Director
Three New England Republican senators (Kelly Ayotte of New Hampshire, Olympia Snowe of Maine, and Scott Brown of Massachusetts) introduced a bill that would prevent the Department of Labor from implementing regulations that would make ESOP appraisers fiduciaries of those plans. The DOL has not yet finalized its proposed new regulations, but comments by Phyllis C. Borzi, assistant secretary of labor for the Employee Benefits Security Administration suggest an ongoing interest in making ESOP appraisers plan fiduciaries. She said, "We knew [the proposed] regulation was going to be controversial, but there has been even more intensity than we expected."
NCEO members can join our June 23 Webinar on the topic. We have submitted comments on the proposed regulations.