DOL Issues Field Assistance Bulletin 2007-01

February 01, 2007

On February 2, 2007, the U.S. Department of Labor ("DOL") issued guidance relating to the new statutory exemption, added by the Pension Protection Act of 2006 ("PPA"), covering the provision of investment advice to retirement plan participants and beneficiaries. This new statutory exemption applies to investment advice provided by a "fiduciary adviser" through an "eligible investment advice arrangement" to plan participants and beneficiaries (but not plan sponsors or other plan fiduciaries).

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