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CCH® PENSION — 11/28/11

SEC issues no-action letter relating to application of "Rule 482" to EBSA fee disclosure regs

The Securities and Exchange Commission (SEC) has issued a no-action letter stating that information required by and complying with EBSA's participant-level fee disclosure regulations that is provided by a plan administrator, or designee, to plan participants or beneficiaries will be treated as a communication that satisfies the requirements of Rule 482 under the 1933 Securities Act.

Rule 482 permits an open-end investment company registered under the Investment Company Act to include, among other things, uniformly calculated performance information in advertisements and other sales materials. The letter, which was released by the Department of Labor, is intended to resolve concerns about the potential differences between the DOL's fee disclosure rules and the SEC's rules on advertising that may apply to plan investment options.

EBSA and SEC staff have been coordinating on the no-action letter since pre-publication of the final regulations in 2010 to address concerns raised by plan administrators and their financial service providers regarding their obligations under ERISA and Rule 482.

Source: SEC no-action letter, October 26, 2011.

For more information, visit http://www.wolterskluwerlb.com/rbcs.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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