Senate Bill Addresses Proposed Fiduciary Status of ESOP Appraisal Firms

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.

Senate Finance Committee Passes Retirement Reform Bill

The Senate Finance Committee has passed S. 219, the National Employee Savings and Trust Equity Guarantee Act ("NESTEG"). This wide-ranging bill covers a variety of areas of retirement law. A major provision covers the use of employer stock in retirement plans.