AICPA President Opposes Making ESOP Appraisers Plan Fiduciaries

Barry C. Melancon, the president of the American Institute of CPAs (AICPA) wrote an open letter to the leadership of the relevant House and Senate committees (PDF) in which he stated, "If the DOL were to redefine an ERISA fiduciary to include ESOP appraisers an inherent conflict would arise between the DOL and IRS requirements for ESOP appraisers." While AICPA has opposed this proposal in the past, that position is now over the signature of the group's president. In the letter, Melancon describes the DOL's position as "a draconian response to a very small number of deficient ESOP appraisals."