Update on DOL ESOP Fiduciary Regulations

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The January 17, 2012 Employee Ownership Update is online and discusses the following:  

• Iowa Governor Announces ESOP Initiative

• Shared Capitalism Companies Among the Best to Work For

• Mitt Romney and the ESOP at Bain

• Employee Ownership in the UK

• Department of Labor Plans to Re-Propose Fiduciary Regulations

The Update shares an update on the DOL Re-Proposal of the DOL Regulation to Change the Definition of Fiduciary.  The DOL has said they still intend to re-propose regulations that would define the conditions that an appraiser would be deemed a fiduciary:

Fil Williams, DOL senior employee benefits law specialist for the Employee Benefits Security Administration's Office of Regulations and Interpretations, said that the department still plans to re-propose regulations that would specify the conditions under which a stock appraiser would be deemed a plan fiduciary. Williams made the remarks on January 11 at the Los Angeles Benefits Conference.

The Update also discusses Iowa's Employee Stock Ownership Plan (ESOP) Initiative that would promote Selling to an ESOP as a way to Save Local Jobs and Strengthen Local Communities.  It also provides more details about Mitt Romney’s involvement with the Bain & Company ESOP.