The discussions are to focus on retirement-focused investment plans.
At the end of March, the Department of Labor (DOL) reopened public comments on its proposed amendment to their Qualified Professional Asset Manager policies.
It is common for those with retirement-focused investment plans, such as pension plans, to hire qualified professionals to manage their accounts for them. This allows the professionals to make investments usually prohibited by the Employee Retirement Income Security Act. The DOL’s proposed amendment will expressly disqualify professionals that commit foreign crimes, implement a one-year break period after a professional receives a disqualifying conviction, and require formal contracts between professionals and clients.
“Reopening the comment period on the proposed amendment to the Qualified Professional Asset Manager Exemption will help ensure the Employee Benefits Security Administration receives additional input from all interested stakeholders, including information related to questions raised during the public hearing,” explained Assistant Secretary for Employee Benefits Security Lisa Gomez.
As the Lord Leads, Pray with Us…
- That the Lord guides insightful members of the public to comment on this amendment.
- For the Department of Labor as they work to incorporate additional contents into the development of their policies.
- That the Biden administration continues to lend a listening ear to the American people.
Sources: Department of Labor
