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Pending Pro-ESOP Amendment in Senate Could End DOL’s Negative Proposed Regulation

by Brian Bornino

Senator Kelly Ayotte (R) of New Hampshire has proposed an amendment to S. 782 that would amend ERISA to make clear that appraisers of private company ESOP stock are not ERISA fiduciaries.  She is joined by Senators Olympia Snowe (R) of Maine and Scott Brown of Massachusetts (R).  Their amendment would stop the DOL proposed regulation mandating all private company ESOP appraisers be ERISA fiduciaries.  The ESOP Association has a great blog on this topic, and GBQ recently blogged about the severe negative impact that the DOL’s proposal could have, so we are strongly in support of Senator Ayotte’s proposal and we encourage everyone to urge their senators to vote for this amendment.

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