DOL schedules February 3 deadline for comments on proposed rule requiring ESOP valuators be fiduciaries

The DOL’s Employee Benefits Security Administration is holding a hearing regarding the proposed rule regarding the definition of a fiduciary, which included mandating all valuators of private company ESOPs be fiduciaries to the ESOPs they valuate. The hearing is scheduled for March 1, 2011 in Washington, D.C. and the DOL is accepting public comments until Feb. 3, 2011. The press release is available on the DOL’s website.