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Release Date: 12/19/2001
Contact Name: Sharon Morrissey
Phone Number: 202.693.8664
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“Advisory Opinion 2001-09 provides important guidance
for the provision of much-needed asset allocation advice to plan
participants. The advisory opinion explains how financial service
providers can provide independent investment advice without running afoul
of the ERISA prohibited transaction rules." |
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“In issuing this opinion, the department would like
to remind the regulated community that exemptions will only be provided
for conduct that is clearly prohibited under ERISA. The department is
willing to issue advisory opinions, however, when it believes a
transaction under consideration is legal." |
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“While this opinion is an important precedent and
will facilitate the provision of investment advice, the department looks
forward to the Senate passing the Retirement Security Advice Act passed by
a bipartisan majority of the House of Representatives on November 15,
2001. The legislation would provide participants with access to a broad
array of advice services, and remove barriers to employers offering advice
services.” |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7775. |
