The ESOP Association Submits Statement to House Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions

WASHINGTON, July 26, 2011 /PRNewswire-USNewswire/ -- On July 26, 2011, The ESOP Association submitted a statement for the record to the House Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions which held a hearing examining the impact of the Department of Labor's proposed rule on the definition of a fiduciary on the retirement community.

The ESOP Association's statement covers several topics concerning the Department of Labor's (DOL) proposed regulation on the definition of a fiduciary including:

• Association's Education Mission Focuses on ERISA Compliance
• Concerns Regarding the Definition of a Fiduciary
• Legal Precedent and ERISA Legal Regime Overlooked by Proposed Regulation
  • The Proposed Regulation Exceeds the DOL's Authority
  • The Proposed Regulation Interferes with the Trustee's Traditional Oversight Role over the Appraiser
• Negative Impacts on Pension Benefits
• Alternative Approaches
  • Provide Guidance
  • Appraiser Credentials

"The ESOP Association submitted the statement to the to the House Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions to emphasize the concerns the ESOP community has about this proposed regulation and the negative impact it will have on the employee ownership community," stated Association President, J. Michael Keeling.

A copy of the statement can be found on the Association's website at http://www.esopassociation.org.

The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership.  The core cause of The ESOP Association is the belief that employee ownership will improve American competitiveness, increase productivity through greater employee participation, and strengthen our free enterprise economy.

SOURCE The ESOP Association

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