Exemption for Provision of Investment Advice to Individual Retirement and Similar Plans

Summary

The Pension Protection Act of 2006 granted an exemption from certain prohibited transactions restrictions for the provision of investment advice to participants and beneficiaries of covered employee benefit plans, as long as the advice is provided under an eligible investment advice arrangement that uses a computer model. The US Department of Labor is seeking public input on the feasibility of applying computer model investment advice programs to Individual Retirement Accounts and similar plans.