DOL Works on Re-Proposal

Louis Campagna of the Department of Labor's Employee Benefits Security Administration said on February 2 that when it re-proposes its regulation on plan fiduciaries it will focus on appraisals that are used in transactions. The DOL's original proposal would have made the appraisers of ESOP shares plan fiduciaries, but the department withdrew that proposal in September 2011. Campagna noted that the new proposed regulations will be limited to "arm's-length commercial transactions."