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August 1, 2012

Fred Reish Quoted in Advisor One

Los Angeles partner Fred Reish shared his thoughts with Advisor One on the Department of Labor’s (DOL) controversial fiduciary requirements involving brokerage windows under its fee-disclosure rule 404a-5.

Fred explained that much of the retirement plan community was up in arms over a position taken by the US Department of Labor (DOL) in a Field Assistance Bulletin (FAB) concerning participant disclosures and fiduciary obligations concerning individual brokerage accounts in 401(k) plans. Q and A 30 in the FAB would have imposed substantial fiduciary obligations on plan committees to investigate the investments being made by participants in individual brokerage accounts. Fortunately, the DOL reversed that position in a revised Q and A in its amended FAB.

This change of heart by the DOL is "very good news" that "will be well received by the retirement and investment communities."

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