Employers have long awaited better guidance on what forms of investment advice the government wants to permit, or encourage. The comment period was previously extended to allow the President Barack Obama’s administration sufficient time to examine the legal and policy issues present in the regulation, according to a White House memo.
On Jan. 21, 2009, the Department released a final rule administering the provision of investment advice under the Employee Retirement Income Security Act’s prohibited transaction provisions. Subsequently, DOL officials extended the applicability and effective dates of the final regulation from March 23 to May 22. The latest extension will provide the Obama administration the opportunity to better review public comment and fully vet the regulations.
