[Federal Register Volume 88, Number 222 (Monday, November 20, 2023)]
[Proposed Rules]
[Pages 80648-80649]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-25522]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration

29 CFR Parts 2510 and 2550

RIN 1210-AC02; ZRINs 1210-ZA32, 1210-ZA33, 1210-ZA34


Hearing on Retirement Security Rule: Definition of an Investment 
Advice Fiduciary and Associated Prohibited Transaction Exemption 
Amendments

AGENCY: Employee Benefits Security Administration.

ACTION: Announcement of hearing.

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SUMMARY: The Department of Labor's Employee Benefits Security 
Administration (EBSA) will hold a virtual public hearing on December 12 
through December 13, 2023, continuing (if necessary) on December 14, 
2023, for the public to provide input on the Department's proposed 
Retirement Security Rule: Definition of an Investment Advice Fiduciary, 
proposed amendments to Prohibited Transaction Exemption (PTE) 2020-02, 
proposed amendments to PTE 84-24, and proposed amendments to several 
other existing administrative PTEs that are available to investment 
advice fiduciaries. EBSA welcomes requests from the general public to 
testify at the hearing.

DATES: The public hearing will be held on December 12 through December 
13, 2023, and will continue (if necessary) on December 14, 2023, via 
WebEx, beginning each day at 9 a.m. EST.

[[Page 80649]]

Requests to testify at the hearing must be submitted on or before 
November 29, 2023.

ADDRESSES: Submit all requests to testify through the Federal 
eRulemaking Portal at https://www.regulations.gov at Docket ID EBSA-
2023-0014. Follow the instructions for submitting requests to testify 
provided below. Warning: Do not include any personally identifiable 
information or confidential business information that you do not want 
publicly disclosed. Requests to testify are public records posted on 
the internet as received and can be retrieved by most internet search 
engines.

FOR FURTHER INFORMATION CONTACT: Scott Ness, Office of Regulations and 
Interpretations, EBSA, 202-693-8510 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    On November 3, 2023, the Department published in the Federal 
Register a proposed rule entitled Retirement Security Rule: Definition 
of an Investment Advice Fiduciary.\1\ If adopted as proposed, the rule 
would amend the Department's current regulation that defines who is a 
``fiduciary'' of an employee benefit plan for purposes of Title I of 
the Employee Retirement Income Security Act of 1974 (ERISA) as a result 
of providing investment advice to a plan or its participants or 
beneficiaries for a fee or other compensation, direct or indirect. The 
proposed rule also would amend a parallel regulation defining who is a 
``fiduciary'' of a plan described in Internal Revenue Code section 
4975, including an individual retirement account, for purposes of Title 
II of ERISA.
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    \1\ 88 FR 75890.
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    In the same edition of the Federal Register, the Department also 
published proposed amendments to PTE 2020-02 (entitled ``Improving 
Investment Advice for Workers & Retirees''), proposed amendments to PTE 
84-24, and proposed amendments to several other existing administrative 
PTEs that are available to investment advice fiduciaries.\2\ The full 
text and other information regarding the rule and PTE amendments is 
available on EBSA's website: https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/erisa/retirement-security.
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    \2\ See proposed amendment to PTE 2020-02 (88 FR 75979), 
proposed amendment to PTE 84-24 (88 FR 76004), and proposed 
amendment to PTEs 75-1, 80-83, 83-1, and 86-128 (88 FR 76032).
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    In the Federal Register documents, the Department announced that it 
anticipated holding a public hearing approximately 45 days following 
publication, and that it would publish specific information regarding 
the date, location, and submission of requests to testify in the 
Federal Register. The Department is hereby notifying the public that it 
will hold a virtual public hearing on the proposed rule and associated 
proposed amendments to the prohibited transaction exemptions on 
December 12 through December 13, 2023, continuing on December 14, 2023 
(if necessary), beginning each day at 9 a.m. EST, via WebEx. 
Registration information to access and view the hearing on WebEx will 
be available within a reasonable time before the hearing on EBSA's 
website: https://www.dol.gov/agencies/ebsa.

Instructions for Submitting Requests To Testify

    Individuals and organizations interested in testifying at the 
public hearing must submit a written request to testify by November 29, 
2023. Requests to testify must include:
    (1) the name, title, organization, address, email address, and 
telephone number of the individual who would testify;
    (2) if applicable, the name of the organization(s) whose views 
would be represented; and
    (3) the date of the requester's written comment on the proposed 
rule or exemption proposals (if already submitted).
    Any requestors with disabilities requiring special accommodations 
for their testimony should contact Scott Ness at the phone number 
listed above after submitting their written request, no later than five 
business days in advance of the hearing. To request ASL Interpreting or 
captioning services for this event, please contact 
[email protected] at least five business days in advance of 
the hearing.
    The Department will organize the hearing into several moderated 
panels. Presenters will be given 10 minutes to testify, and they should 
be prepared to answer questions regarding their testimony. EBSA may 
limit the number of presenters based on how many testimony requests it 
receives. In that event, EBSA will ensure that the broadest array of 
viewpoints on all aspects of the proposals are represented and will 
include in the public record all testimony requests it receives. EBSA 
encourages submission of written comments from all interested parties, 
regardless as to whether any entity provides oral testimony during the 
hearing.
    EBSA will post a hearing agenda containing the panel compositions 
and presentation times no later than the close of business on December 
7, 2023, on its website: https://www.dol.gov/agencies/ebsa.
    Important note: In the event that a lapse in appropriations occurs, 
EBSA may not be able to post the hearing agenda on its website by close 
of business on December 7, 2023, as stated above. If the agenda is not 
posted by the close of business on December 7, 2023, the hearing is 
postponed. EBSA will publish a subsequent notice in the Federal 
Register announcing the updated date and time for the hearing within a 
reasonable time after any lapse in appropriations ends.
    The hearing will be transcribed, and the Department will notify the 
public when the hearing transcript is available on EBSA's website at: 
https://www.dol.gov/agencies/ebsa.

    Signed at Washington, DC, this 14th day of November, 2023.
Lisa M. Gomez,
Assistant Secretary, Employee Benefits Security Administration, U.S. 
Department of Labor.
[FR Doc. 2023-25522 Filed 11-17-23; 8:45 am]
BILLING CODE 4510-29-P