Employee Benefits Security Administration, 2142-2143 [2011-483]

Download as PDF 2142 Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices the evaluation criteria, their descriptions, and performance indicators; and develop, maintain, and expand subject-specific databases including, but not limited to, the disproportionate minority contact and deinstitutionalization of status offenders best practices databases. Moreover, OJJDP is looking to improve technical capacity, expand and refine the database, and, generally, assure ease, speed, and precision in searching the database. National Training and Technical Assistance Center for Truancy Prevention and Intervention OJJDP intends to fund a National Training and Technical Assistance Center for Truancy Prevention and Intervention. The center will disseminate information regarding what works to prevent and intervene with school truancy and dropout problems and promote the use of evidence-based practices through training, technical assistance, and resources. State Relations and Assistance Division’s Training and Technical Assistance Program OJJDP proposes to award a cooperative agreement to an organization that will provide training and technical assistance to national, state, and local-level grantees and nongrantees. OJJDP expects that this training and technical assistance will assist them in planning, establishing, operating, coordinating, and evaluating delinquency prevention and juvenile justice systems improvement projects. Additionally, the selected organization will coordinate the State Relations and Assistance Division’s national training conferences. Continuations In FY 2011, OJJDP will continue to support: • Child Abuse Training for Judicial and Court Personnel • Engaging Law Enforcement To Reduce Juvenile Crime, Victimization, and Delinquency • State Advisory Group Training and Technical Assistance Project mstockstill on DSKH9S0YB1PROD with NOTICES Fellowships OJJDP’s fellowship program is designed to enhance the Office’s efforts to develop and improve innovative programs that serve children, youth, and families. A secondary goal is to provide practitioners an opportunity to work closely with career and political Federal staff, contractors, grantees, and other public and private organizations in Washington, DC, and across the country. VerDate Mar<15>2010 17:25 Jan 11, 2011 Jkt 223001 The fellow will provide direct operational assistance to OJJDP staff through assessment and capacity building, design and development of innovative initiatives and training programs, resource development, research and evaluation, policy development, and outreach and awareness. The fellow will also develop articles for publication and other products on specific topics. Concentration of Federal Efforts Fellowship OJJDP proposes to fund a fellow in the Concentration of Federal Efforts program for 2 years to strengthen the Office’s cross-agency partnership efforts. Currently, OJJDP staff and leadership participate in dozens of interagency efforts. The fellow will build on related ongoing work of other Federal agencies, develop new cross-agency partnerships and initiatives, identify and assess opportunities for cross-agency partnerships, and track the impact of existing partnership efforts. Visiting Research Fellowship Program OJJDP proposes funding for a visiting research fellowship to identify evidence-based programs to facilitate the development or enhancement of new and innovative programs. Through the program, fellows will investigate new approaches to address existing problems in juvenile justice in conjunction with OJJDP’s ongoing program of research into juvenile justice and delinquency prevention issues. General Support for Conferences on Juvenile Justice OJJDP plans to support conferences that address juvenile justice and the prevention of delinquency. This support would provide community prevention leaders, treatment professionals, juvenile justice officials, researchers, and practitioners with information on best practices and research-based models to support state, local government, and community efforts to prevent juvenile delinquency. Dated: January 7, 2011. Jeff Slowikowski, Acting Administrator, Office of Juvenile Justice and Delinquency Prevention. [FR Doc. 2011–548 Filed 1–11–11; 8:45 am] BILLING CODE 4410–18–P PO 00000 DEPARTMENT OF LABOR Employee Benefits Security Administration Hearing on Definition of ‘‘Fiduciary’’ Employee Benefits Security Administration, Labor. ACTION: Notice of hearing and extension of comment period. AGENCY: Notice is hereby given that the Employee Benefits Security Administration will hold a hearing to consider issues attendant to adopting a regulation defining when a person is considered to be a ‘‘fiduciary’’ by reason of giving investment advice to an employee benefit plan or to a plan’s participants and beneficiaries. DATES: The hearing will be held on March 1, 2011 and, if necessary, March 2, 2011, beginning at 9 a.m., EST. ADDRESSES: The hearing will be held at the U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. FOR FURTHER INFORMATION CONTACT: Fred Wong or Luisa Grillo-Chope, Office of Regulations and Interpretations, Employee Benefits Security Administration, U.S. Department of Labor, at (202) 693–8500. This is not a toll-free number. SUPPLEMENTARY INFORMATION: The Employee Benefits Security Administration (EBSA) published in the Federal Register on October 22, 2010, (75 FR 65263), a proposed rule under the Employee Retirement Income Security Act (ERISA) that, upon adoption, more broadly defines the circumstances under which a person is considered a ‘‘fiduciary’’ by reason of giving investment advice to an employee benefit plan or to a plan’s participants.1 The proposal amends a thirty-five year old rule that may inappropriately limit the types of investment advice relationships that give rise to fiduciary duties on the part of the investment advisor. The current regulation significantly narrows the plain language of section 3(21)(A)(ii) of the Employee Retirement Income Security Act (ERISA) by creating a 5part test that must be satisfied in order for a person to be considered a fiduciary by reason of giving investment advice. The changes set forth in the proposed regulation are intended to more closely conform such determinations to the statutory definition, as well as take into account the significant changes in both SUMMARY: 1 The rule would also apply for purposes of the prohibited transaction provisions contained in section 4975 of the Internal Revenue Code. Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\12JAN1.SGM 12JAN1 mstockstill on DSKH9S0YB1PROD with NOTICES Federal Register / Vol. 76, No. 8 / Wednesday, January 12, 2011 / Notices the financial services industry and the expectations of plan officials and participants who receive investment advice. For a full discussion of the changes, see the October 22, 2010 Federal Register at page 65263, et seq. or visit EBSA’s Web site at http:// www.dol.gov/ebsa/, see Proposed Rules. Since publication in the Federal Register, there has been considerable interest expressed in the proposed rule and its impact on various segments of the employee benefits and financial communities, as well as individuals and organizations involved with appraisals of employer stock and other assets. In order to ensure that all issues are fully considered and interested persons have sufficient time to share their views on this important regulation, EBSA has announced that it is extending the period for submitting comments on the proposal until February 3, 2011, two weeks after the close of the January 20, 2011 comment period provided in the proposed regulation, and it is holding a public hearing, the subject of this notice. The hearing will be held on March 1, 2011 and, if necessary, March 2, 2011, beginning at 9 a.m. EST, in the plaza auditorium of the U.S. Department of Labor, Frances Perkins Building, at 200 Constitution Avenue, NW., Washington, DC 20210. Persons interested in presenting testimony and answering questions at this public hearing must submit, by 3:30 p.m. EST, February 9, 2011, a written request to testify and an outline of the issues they would like to address at the hearing. It should be noted that, while reasonable efforts will be made to accommodate requests to testify on the specified issues, it may be necessary to limit the number of those testifying in order to provide an opportunity for the presentation of the broadest array of points of view during the period allotted for the hearing. Any persons not afforded an opportunity to testify will still have an opportunity to submit a written statement on the specified issues for the record. The hearing will be open to the general public. To facilitate the receipt and processing of requests to testify, EBSA encourages interested persons to submit their requests and outlines by e-mail to e-ORI@dol.gov, subject line: Fiduciary Definition Hearing. Persons submitting requests and outlines electronically should not submit paper copies. Persons submitting requests and outlines on paper should send or deliver their requests and outlines to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Fiduciary VerDate Mar<15>2010 17:25 Jan 11, 2011 Jkt 223001 Definition Hearing, Room N–5655, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. All requests and outlines submitted will be available to the public, without charge, online at http://www.dol.gov/ ebsa and at the Public Disclosure Room, N–1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. EBSA will prepare an agenda indicating the order of presentation of oral comments and testimony. In the absence of special circumstances, each presenter will be allotted ten (10) minutes in which to complete his or her presentation. Those individuals who make oral comments and present testimony at the hearing should be prepared to answer questions regarding their information and/or comments. Those requesting to testify also should be prepared to participate as part of a panel, to the extent possible, organized by issue. Any individuals with disabilities who may need special accommodations should notify the Agency when contacted concerning the scheduling of their testimony. Information about the agenda will be posted on http://www.dol.gov/ebsa no later than February 17, 2011. Individuals planning to attend the hearing should provide contact information by e-mail to e-ORI@dol.gov and arrive at least 15 minutes prior to the start of the hearing to expedite entrance into the building. Notice of Public Hearing Notice is hereby given that a public hearing will be held on March 1, 2011 and, if necessary, March 2, 2011, concerning issues related to the proposed rule defining when a person will be considered a ‘‘fiduciary’’ by reason of giving investment advice to a plan or to the plan’s participants. The hearing will be held beginning at 9 a.m. EST in the plaza auditorium of the U.S. Department of Labor, Frances Perkins Building, 200 Constitution Avenue, NW., Washington, DC 20210. Notice of Extension of Comment Period Notice is hereby given that the period for submitting comments on the proposed Definition of the Term ‘‘Fiduciary,’’ published in the Federal Register on October 22, 2010 (75 FR 65263), is being extended until February 3, 2011. To facilitate the receipt and processing of comment letters, the EBSA encourages interested persons to submit their comments electronically by e-mail to e-ORI@dol.gov, subject line: PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 2143 Definition of Fiduciary Proposed Rule or by using the Federal eRulemaking portal at http://www.regulations.gov. Persons submitting comments electronically are encouraged not to submit paper copies. Persons interested in submitting paper copies should send or deliver their comments to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Definition of Fiduciary Proposed Rule, Room N– 5655, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. All comments will be available to the public, without charge, online at http://www.regulations.gov and http://www.dol.gov/ebsa and at the Public Disclosure Room, N–1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. Warning: Do not include any personally identifiable information (such as name, address, or other contact information) or confidential business information that you do not want publicly disclosed. All comments may be posted on the Internet and can be retrieved by most Internet search engines. Comments may be submitted anonymously. Signed at Washington, DC, this 6th day of January, 2011. Phyllis C. Borzi, Assistant Secretary, Employee Benefits Security Administration, Department of Labor. [FR Doc. 2011–483 Filed 1–11–11; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Employment and Training Administration Agency Information Collection Activities: Revision and Extension of a Currently Approved Information Collection; Comment Request Employment and Training Administration, Labor. ACTION: Notice. AGENCY: The Department of Labor (Department), as part of its continuing effort to reduce paperwork and respondent burden, is conducting a preclearance consultation to provide the general public and Federal agencies with an opportunity to comment on a continuing collection of information in accordance with the Paperwork Reduction Act (PRA) of 1995 [44 U.S.C. 3506(c)(2)(A)]. This consultation is undertaken to ensure that requested data can be provided in the desired SUMMARY: E:\FR\FM\12JAN1.SGM 12JAN1

Agencies

[Federal Register Volume 76, Number 8 (Wednesday, January 12, 2011)]
[Notices]
[Pages 2142-2143]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-483]


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DEPARTMENT OF LABOR


Employee Benefits Security Administration

Hearing on Definition of ``Fiduciary''

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Notice of hearing and extension of comment period.

-----------------------------------------------------------------------

SUMMARY: Notice is hereby given that the Employee Benefits Security 
Administration will hold a hearing to consider issues attendant to 
adopting a regulation defining when a person is considered to be a 
``fiduciary'' by reason of giving investment advice to an employee 
benefit plan or to a plan's participants and beneficiaries.

DATES: The hearing will be held on March 1, 2011 and, if necessary, 
March 2, 2011, beginning at 9 a.m., EST.

ADDRESSES: The hearing will be held at the U.S. Department of Labor, 
200 Constitution Avenue, NW., Washington, DC 20210.

FOR FURTHER INFORMATION CONTACT: Fred Wong or Luisa Grillo-Chope, 
Office of Regulations and Interpretations, Employee Benefits Security 
Administration, U.S. Department of Labor, at (202) 693-8500. This is 
not a toll-free number.

SUPPLEMENTARY INFORMATION: The Employee Benefits Security 
Administration (EBSA) published in the Federal Register on October 22, 
2010, (75 FR 65263), a proposed rule under the Employee Retirement 
Income Security Act (ERISA) that, upon adoption, more broadly defines 
the circumstances under which a person is considered a ``fiduciary'' by 
reason of giving investment advice to an employee benefit plan or to a 
plan's participants.\1\ The proposal amends a thirty-five year old rule 
that may inappropriately limit the types of investment advice 
relationships that give rise to fiduciary duties on the part of the 
investment advisor. The current regulation significantly narrows the 
plain language of section 3(21)(A)(ii) of the Employee Retirement 
Income Security Act (ERISA) by creating a 5-part test that must be 
satisfied in order for a person to be considered a fiduciary by reason 
of giving investment advice. The changes set forth in the proposed 
regulation are intended to more closely conform such determinations to 
the statutory definition, as well as take into account the significant 
changes in both

[[Page 2143]]

the financial services industry and the expectations of plan officials 
and participants who receive investment advice. For a full discussion 
of the changes, see the October 22, 2010 Federal Register at page 
65263, et seq. or visit EBSA's Web site at http://www.dol.gov/ebsa/, 
see Proposed Rules.
---------------------------------------------------------------------------

    \1\ The rule would also apply for purposes of the prohibited 
transaction provisions contained in section 4975 of the Internal 
Revenue Code.
---------------------------------------------------------------------------

    Since publication in the Federal Register, there has been 
considerable interest expressed in the proposed rule and its impact on 
various segments of the employee benefits and financial communities, as 
well as individuals and organizations involved with appraisals of 
employer stock and other assets. In order to ensure that all issues are 
fully considered and interested persons have sufficient time to share 
their views on this important regulation, EBSA has announced that it is 
extending the period for submitting comments on the proposal until 
February 3, 2011, two weeks after the close of the January 20, 2011 
comment period provided in the proposed regulation, and it is holding a 
public hearing, the subject of this notice.
    The hearing will be held on March 1, 2011 and, if necessary, March 
2, 2011, beginning at 9 a.m. EST, in the plaza auditorium of the U.S. 
Department of Labor, Frances Perkins Building, at 200 Constitution 
Avenue, NW., Washington, DC 20210.
    Persons interested in presenting testimony and answering questions 
at this public hearing must submit, by 3:30 p.m. EST, February 9, 2011, 
a written request to testify and an outline of the issues they would 
like to address at the hearing. It should be noted that, while 
reasonable efforts will be made to accommodate requests to testify on 
the specified issues, it may be necessary to limit the number of those 
testifying in order to provide an opportunity for the presentation of 
the broadest array of points of view during the period allotted for the 
hearing. Any persons not afforded an opportunity to testify will still 
have an opportunity to submit a written statement on the specified 
issues for the record. The hearing will be open to the general public.
    To facilitate the receipt and processing of requests to testify, 
EBSA encourages interested persons to submit their requests and 
outlines by e-mail to e-ORI@dol.gov, subject line: Fiduciary Definition 
Hearing. Persons submitting requests and outlines electronically should 
not submit paper copies. Persons submitting requests and outlines on 
paper should send or deliver their requests and outlines to the Office 
of Regulations and Interpretations, Employee Benefits Security 
Administration, Attn: Fiduciary Definition Hearing, Room N-5655, U.S. 
Department of Labor, 200 Constitution Avenue, NW., Washington, DC 
20210. All requests and outlines submitted will be available to the 
public, without charge, online at http://www.dol.gov/ebsa and at the 
Public Disclosure Room, N-1513, Employee Benefits Security 
Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., 
Washington, DC 20210.
    EBSA will prepare an agenda indicating the order of presentation of 
oral comments and testimony. In the absence of special circumstances, 
each presenter will be allotted ten (10) minutes in which to complete 
his or her presentation. Those individuals who make oral comments and 
present testimony at the hearing should be prepared to answer questions 
regarding their information and/or comments. Those requesting to 
testify also should be prepared to participate as part of a panel, to 
the extent possible, organized by issue.
    Any individuals with disabilities who may need special 
accommodations should notify the Agency when contacted concerning the 
scheduling of their testimony.
    Information about the agenda will be posted on http://www.dol.gov/ebsa no later than February 17, 2011. Individuals planning to attend 
the hearing should provide contact information by e-mail to e-ORI@dol.gov and arrive at least 15 minutes prior to the start of the 
hearing to expedite entrance into the building.

Notice of Public Hearing

    Notice is hereby given that a public hearing will be held on March 
1, 2011 and, if necessary, March 2, 2011, concerning issues related to 
the proposed rule defining when a person will be considered a 
``fiduciary'' by reason of giving investment advice to a plan or to the 
plan's participants. The hearing will be held beginning at 9 a.m. EST 
in the plaza auditorium of the U.S. Department of Labor, Frances 
Perkins Building, 200 Constitution Avenue, NW., Washington, DC 20210.

Notice of Extension of Comment Period

    Notice is hereby given that the period for submitting comments on 
the proposed Definition of the Term ``Fiduciary,'' published in the 
Federal Register on October 22, 2010 (75 FR 65263), is being extended 
until February 3, 2011.
    To facilitate the receipt and processing of comment letters, the 
EBSA encourages interested persons to submit their comments 
electronically by e-mail to e-ORI@dol.gov, subject line: Definition of 
Fiduciary Proposed Rule or by using the Federal eRulemaking portal at 
http://www.regulations.gov. Persons submitting comments electronically 
are encouraged not to submit paper copies. Persons interested in 
submitting paper copies should send or deliver their comments to the 
Office of Regulations and Interpretations, Employee Benefits Security 
Administration, Attn: Definition of Fiduciary Proposed Rule, Room N-
5655, U.S. Department of Labor, 200 Constitution Avenue, NW., 
Washington, DC 20210. All comments will be available to the public, 
without charge, online at http://www.regulations.gov and http://www.dol.gov/ebsa and at the Public Disclosure Room, N-1513, Employee 
Benefits Security Administration, U.S. Department of Labor, 200 
Constitution Avenue, NW., Washington, DC 20210. Warning: Do not include 
any personally identifiable information (such as name, address, or 
other contact information) or confidential business information that 
you do not want publicly disclosed. All comments may be posted on the 
Internet and can be retrieved by most Internet search engines. Comments 
may be submitted anonymously.

    Signed at Washington, DC, this 6th day of January, 2011.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration, 
Department of Labor.
[FR Doc. 2011-483 Filed 1-11-11; 8:45 am]
BILLING CODE 4510-29-P