Department of Labor, Employee Benefits Security Administration: Investment Advice--Participants and Beneficiaries
GAO-12-211R, Nov 14, 2011
GAO reviewed the Department of Labor's (Labor), Employee Benefits Security Administration new rule on investment advice. GAO found that (1) the final rule implements the Employee Retirement Income Security Act (ERISA), and parallel provisions of the Internal Revenue Code of 1986, relating to the provision of investment advice to participants and beneficiaries in individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (and certain similar plans). The final rule affects 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; and (2) Labor complied with applicable requirements in promulgating the rule.