On January 21, 2009, the US Department of Labor (DOL) published at 74 FR 3822 “final rules under the Employee Retirement Income Security Act, and parallel provisions in the Internal Revenue Code of 1986, relating to the provision of investment advice by a fiduciary adviser to participants and beneficiaries in participant-directed individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (and certain similar plans). These rules [affected] sponsors, fiduciaries, participants and beneficiaries of participant-directed individual account plans, as well as providers of investment and investment advice related services to such plans.”
On January 20, 2009 Rahm Emanuel, Assistant to the President and Chief of Staff, had “directed Agency Heads to consider extending for 60 days the effective date of regulations that have been published in the Federal Register but not yet taken effect.” Pursuant to that memo, the [DOL] announced recently that it was delaying the effective date of those rules from March 23, 2009 to May 22, 2009. This will give the DOL “time to review legal and policy issues raised by many of the 26 public comment letters [it] received.”
Contact Vision Payroll if you have any questions on this delay.