About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-08-256R 1 (2007-11-13)

handle is hein.gao/gaobadwsf0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-310709 November 13, 2007 The Honorable Edward M. Kennedy Chairman The Honorable Michael B. Enzi Ranking Minority Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable George Miller Chairman The Honorable Howard P. Buck McKeon Ranking Minority Member Committee on Education and Labor House of Representatives Subject: Department of Labor, Employee Benefits Security Administration: Default Investment Alternatives Under Participant Directed Individual Account Plans Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Labor, Employee Benefits Security Administration, entitled Default Investment Alternatives Under Participant Directed Individual Account Plans (RIN: 1210-AB1O). We received the rule on October 29, 2007. It was published in the Federal Register as a final rule on October 24, 2007. 72 Fed. Reg. 60,452. The final rule implements recent amendments to title I of the Employee Retirement Income Security Act of 1974. The rule provides liability relief for any fiduciary of a participant directed individual account pension plan if the fiduciary complies with the final rule. Under the final rule, a participant will be deemed to have exercised control over assets in his or her account, and the fiduciary will be relieved of liability, if, in the absence of investment directions from the participant, the plan invests in a qualified default investment alternative. The final rule describes the types of investments that qualify as default investment alternatives. The final rule does not relieve fiduciaries of the responsibility to prudently select and monitor the investments. Relief from liability is further conditioned on the fiduciary providing advance notice to GAO-08-256R

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most