We at fi360 wanted to pass on that we received word earlier today that the DOL is expected to withdraw the 408(b)(2) regulation from consideration. In addition, the regulation on disclosures to participants is expected to be withdrawn.
According to Fred Reish's report to us late this afternoon, it appears that the consequence, in both cases, will be that the regulations will be re-worked by the DOL after the new Assistant Secretary has been appointed. However, at this time, the specifics are unpredictable. In addition, this opens the door for legislation sponsored by Congressman George Miller, which could be more burdensome than the regulations would have been. Check out this bulletin from Fred Reish and Bruce Ashton earlier this month anticipating that the regulation might be withdrawn and what that would mean going forward. Please check back here to the blog for more information as it becomes available.
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