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B-332722 1 (2020-11-24)

handle is hein.gao/gaobaecdm0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332722 November 24, 2020 The Honorable Lamar Alexander Chairman The Honorable Patty Murray Ranking Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable Robert C. Bobby Scott Chairman The Honorable Virginia Foxx Ranking Member Committee on Education and Labor House of Representatives Subject: Department of Labor, Employee Benefits Security Administration: Financial Factors in Selecting Plan Investments 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 (EBSA) entitled Financial Factors in Selecting Plan Investments (RIN: 1210-AB95). We received the rule on November 13, 2020. It was published in the Federal Register as a final rule on November 13, 2020. 85 Fed. Reg. 72846. The final rule has an effective date of January 12, 2021. By this final rule, EBSA states it is adopting amendments to the investment duties regulation under title I of the Employee Retirement Income Security Act of 1974, as amended. 29 U.S.C. ch. 18. According to EBSA, the amendments require plan fiduciaries to select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action. Enclosed is our assessment of EBSA's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel Enclosure cc: Jeanne Klinefelter Wilson Acting Secretary, Employee Benefits Security Administration Department of Labor

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