[Federal Register Volume 77, Number 136 (Monday, July 16, 2012)]
[Proposed Rules]
[Pages 41716-41717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-17012]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
29 CFR Part 2550
RIN 1210-AB54
Amendment Relating to Reasonable Contract or Arrangement Under
Section 408(b)(2)--Fee Disclosure/Web Page
AGENCY: Employee Benefits Security Administration, Labor.
ACTION: Proposed rule.
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SUMMARY: This proposed rule is a companion to the Department of Labor
(Department) Employee Benefits Security Administration's direct final
rule (published today in the ``Rules and Regulations'' section of the
Federal Register) amending the Department's fiduciary-level fee
disclosure regulation under section 408(b)(2) of the Employee
Retirement Income Security Act of 1974 (ERISA) to revise the mailing
address and enhance the web-based submission procedure for notices
filed under the regulation's fiduciary class exemption provision.
The Department is publishing this amendment as a direct final rule
without prior proposal because the Department views this as highly
technical and anticipates no significant adverse comment. The
Department has explained its reasons in the preamble to
[[Page 41717]]
the direct final rule. If the Department receives no significant
adverse comment during the comment period, no further action on this
proposed rule will be taken. If, however, the Department receives
significant adverse comment, the Department will withdraw the direct
final rule and it will not take effect. In that case, the Department
will address all public comments in a subsequent final rule based on
this proposed rule. The Department will not institute a second comment
period on this rule. Any parties interested in commenting must do so
during this comment period.
DATES: Comments must be received on or before August 15, 2012.
ADDRESSES: Written comments may be submitted to the addresses specified
below. All comments will be made available to the public. Warning: Do
not include any personally identifiable information (such as name,
address, or other contact information) or confidential business
information that you do not want publicly disclosed. All comments may
be posted on the Internet and can be retrieved by most Internet search
engines. Comments may be submitted anonymously.
Comments, identified by RIN 1210-AB54, may be submitted by one of
the following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected].
Mail or Hand Delivery: Office of Regulations and
Interpretations, Employee Benefits Security Administration, Room N-
5655, U.S. Department of Labor, 200 Constitution Avenue NW.,
Washington, DC 20210, Attention: RIN 1210-AB54; Class Exemption
Notice--Web Submission.
Comments received by the Department of Labor may be posted without
change to http://www.regulations.gov and http://www.dol.gov/ebsa, and
will be made available for public inspection at the Public Disclosure
Room, N-1513, Employee Benefits Security Administration, 200
Constitution Avenue NW., Washington, DC 20210.
FOR FURTHER INFORMATION CONTACT: Allison Wielobob, Office of
Regulations and Interpretations, Employee Benefits Security
Administration, (202) 693-8500. This is not a toll-free number.
SUPPLEMENTARY INFORMATION: As noted above, in the ``Rules and
Regulations'' section of today's Federal Register, the direct final
rule being published makes technical changes to the Department's
existing fiduciary-level fee disclosure regulation under ERISA section
408(b)(2) (the ``408(b)(2) regulation''). The 408(b)(2) regulation
includes a class exemption provision (in paragraph (c)(1)(ix)) pursuant
to which ``innocent'' responsible plan fiduciaries may obtain relief
when they unknowingly receive incomplete or incorrect disclosures from
a covered service provider. In certain circumstances, the responsible
plan fiduciary, in order to obtain relief, must file a notice with the
Department of Labor concerning the covered service provider's failure
(paragraph (c)(1)(ix)(C)). The final rule provides that notices may be
sent to a Departmental mailing address or submitted electronically to a
specified email address (paragraph (c)(1)(ix)(F)). The direct final
rule amends this paragraph of the 408(b)(2) regulation to provide that
notices may be sent to a revised Departmental mailing address or, in
lieu of the previously furnished email address, pursuant to separate
instructions provided by the Department. Such instructions will enable
submission through a dedicated link on the Department's Web site, at
www.dol.gov/ebsa/regs/feedisclosurefailurenotice.html. The amendment
proposed by this notice is the same as the amendment contained in the
direct final rule. Please refer to the preamble and regulatory text of
the direct final rule for further information and the actual text of
the amendment. Additionally, all information regarding Statutory and
Executive Orders for this proposed rule can be found in the
SUPPLEMENTARY INFORMATION section of the direct final rule.
Signed at Washington, DC, this 2nd day of July 2012.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration,
Department of Labor.
[FR Doc. 2012-17012 Filed 7-13-12; 8:45 am]
BILLING CODE 4510-29-P