Department of Labor August 22, 2008 – Federal Register Recent Federal Regulation Documents
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Updating Regulations Issued Under the Fair Labor Standards Act
This document extends the period for filing written comments for an additional 15 days on proposed revisions to regulations issued under the Fair Labor Standards Act of 1938 (FLSA) and the Portal-to- Portal Act of 1947 (Portal Act) that have become out of date because of subsequent legislation or court decisions. The Department of Labor is taking this action in order to provide interested parties additional time to submit comments.
Advisory Committee on Construction Safety and Health (ACCSH); Notice of Renewal of Charter
In accordance with the provisions of the Federal Advisory Committee Act (FACA), as amended (5 U.S.C., App. 2), and its implementing regulations (41 CFR 102-3, Federal Advisory Committee Management), the Secretary of Labor has determined that the renewal of the Charter for the Advisory Committee on Construction Safety and Health (ACCSH) is necessary and in the public interest. Accordingly, the U.S. Department of Labor, Occupational Safety and Health Administration (OSHA) has renewed the ACCSH Charter with several minor revisions. The revisions relate to procedural matters which do not substantively affect the objectives or activities of the ACCSH Committee. The ACCSH Charter will expire on May 6, 2010.
Proposed Class Exemption for the Provision of Investment Advice to Participants and Beneficiaries of Self-Directed Individual Account Plans and IRAs
This document contains a notice of pendency before the Department of Labor (Department) of a proposed class exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA, or the Act), and from certain taxes imposed by the Internal Revenue Code of 1986, as amended (Code). If granted, the proposed exemption would permit the provision of investment advice described in section 3(21)(A)(ii) of the Act by a fiduciary adviser to a participant or beneficiary in an individual account plan or individual retirement accounts (and certain similar plans), the acquisition, holding or sale of a security or other property pursuant to the investment advice, and the direct or indirect receipt of fees or other compensation by the fiduciary adviser (or any employee, agent, registered representative or affiliate thereof) in connection with such transactions. The proposed exemption, if granted, would affect sponsors, fiduciaries, participants and beneficiaries of participant-directed individual account plans, as well as providers of investments and investment advice-related services to such plans.
Investment Advice-Participants and Beneficiaries
This document contains proposed regulations implementing the provisions of the statutory exemption set forth in sections 408(b)(14) and 408(g) of the Employee Retirement Income Security Act, as amended (ERISA or the Act), and parallel provisions in the Internal Revenue Code of 1986, as amended (Code), relating to the provision of investment advice described in the Act by a fiduciary adviser to participants and beneficiaries in participant-directed individual account plans, such as 401(k) plans, and beneficiaries of individual retirement accounts (and certain similar plans). Section 408(b)(14) provides an exemption from certain prohibited transaction provisions in ERISA with respect to the provision of investment advice, the investment transaction entered into pursuant to the advice, and the direct or indirect receipt of fees or other compensation by the fiduciary adviser or an affiliate in connection with the provision of advice or the transaction pursuant to the advice. Section 408(g) describes the conditions under which the investment advice-related transactions are exempt. Upon adoption, the regulations will affect 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.
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