The Executive Branch of the USA is very powerful. They 'administer' the laws of the country. Responsible and Learned people need to be in those offices. This is a 'big one.'
Don't be fooled by rhetoric.
There was a press release on February 26, 2010 about clarifying the kind of advice citizens receive regarding their 401K. There is a Task Force to allow public commentary on changes to the regulations governing how people receive advice.
What the public announcement doesn't say is that the Bush/Cheney administration was on the verge of scamming the public, while putting their investments at risk. The Bush/Cheney administration was allowing provisions that advisers could direct their advice to serve their own best interests, regardless, of the risk to the public.
This is the announcement:
EBSA News Release (click here)
Release Date: February 26, 2010
Release Number: 10-251-NAT
Contact Name: Gloria Della or Joseph DeWolk
Phone Number: 202.693.8666/202.694.4676
U.S. Labor Department rules to improve retirement security announced as part of White House Middle Class Task Force's year-end report
Rules enhance retirement advice and transparency for workers
Washington – Today, at a White House forum hosted by Vice President Joe Biden, the U.S. Department of Labor announced two new rules designed to enhance retirement security and transparency for the millions of workers covered by 401(k), pension and other retirement arrangements. The announcement was part of the White House Middle Class Task Force's year-end report, which the vice president released at this morning's event.
During the past year, the Middle Class Task Force has focused on solutions to the challenges facing America's middle class - including retirement security and the need for high-quality jobs for middle class workers. The report details the year's work of the task force, and it includes a proposed rule on investment advice. The department also is announcing the publication of a final rule on multiemployer plan transparency....
Below is part of the analysis that lead up to the Task Force. I don't want to hear how the Obama/Biden Administration is doing anything except the people's work. They are shifting through a mess created over eight years of 'advantageous Republican' planning in order to better safeguard the American people from losing everything.
Background (click title to entry - thank you)
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EBSA is responsible for administering and enforcing the fiduciary, reporting, and disclosure provisions of Title I of the ERISA. The agency oversees approximately 708,000 private pension plans, including 483,000 participant-directed individual account plans such as 401(k)-type plans, and millions of private health and welfare plans that are subject to ERISA.
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As of 2007, more than one-half of private-sector employees participated in defined contribution plans that allow for participant direction, with these plans covering 60 million active participants and holding about $3 trillion in assets.
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In general, investment advice given by an investment adviser to plan participants on investments that pay additional fees to the adviser or its affiliates can violate the prohibited transaction rules of ERISA and the Internal Revenue Code. This has limited the types of investment advice arrangements available to participants in 401(k) plans and IRAs.
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Given the rise in participation in 401(k) type plans and IRAs, the retirement security of millions of America’s workers increasingly depends on their investment decisions. Thus, there is increased recognition of the importance of investment advice in helping participants avoid costly investment errors.
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The Department published a Request for Information in December 2006, published a proposed regulation in August 2008, and held a public hearing on October 21, 2008. A final rule and related class exemption published in January 2009 were withdrawn in November 2010 in response to concerns raised in public comment letters questioning the adequacy of the final class exemption's conditions to mitigate the potential for investment adviser self-dealing.
I imagine Halliburton would love to get their hands on that volume of funds in order to facilitate their further extortion of the American people.
Below is the announcement of the published request for public comment in the Federal Register:
The PDF to the Federal Register announcement (click here)
Public Notice and Comment on the Proposal (click here)
The Department will publish the proposed regulation in the Federal Register on March 2, 2010. The Notice of Proposed Rulemaking (NPRM) invites public comments from interested persons on the proposed regulation’s conditions applicable to investment advice arrangements. Public comments can be submitted electronically by email to e-ORI@dol.gov or by using the Federal eRulemaking portal at www.regulations.gov. All comments will be available to the public, without charge, online at www.regulations.gov and www.dol.gov/ebsa, and at the EBSA Public Disclosure Room.
