Filed Under:Your Practice, Regulatory

AICPA attacks DOL fiduciary plan’s ESOP language

Efforts to stop the Department of Labor from reproposing its fiduciary rule continue. The American Institute of Certified Public Accountants (AICPA) is pressuring members of Congress to ensure that DOL’s fiduciary reproposal does not define independent appraisers of Employee Stock Ownership Plans (ESOP) as fiduciaries.

AICPA president and CEO Barry Melancon sent a June 10 letter to Sen. Tom Harkin, D-Iowa, chairman of the Health Education Labor and Pensions (HELP) Committee — which has jurisdiction over DOL and the Employee Retirement Income Security Act (ERISA) — and other committee members urging them to co-sponsor two bills, H.R 2014  and S. 273.   

Originally published on ThinkAdvisor. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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