Senator Kelly Ayotte’s Floor Amendment #467 Becomes S. 1232 --- A bill to modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans.
Urge Your Senators to Co-Sponsor!
Because the underlying bill pending on the Senate floor, S. 782 to reauthorize the Public Works and Economic Development Act of 1965, has bogged down and is not likely to be adopted, Senator Kelly Ayotte, and her colleagues Senators Olympia Snowe (R-ME), Susan Collins (R-ME), Scott Brown (R-MA), and Mary Landrieu (D-LA), decided a more effective pathway to stop DOL’s proposed anti-ESOP regulation mandating all private ESOP company appraisers be ERISA fiduciaries, was to take S. AMDT 467 word for word and introduce it as a free standing legislative proposal. It is now S. 1232.
Please consider, and then ask your Senators to co-Sponsor S. 1232. Call 202/224-3121 and ask for your Senators’ offices. Ask to speak to the aid responsible for following tax, labor, or retirement savings law and follow-up with a suggested letter.
Click here for a suggested letter.
If you would like information on the DOL’s proposed regulation, http://www.esopassociation.org/docs/255%20-%20DOL%20Proposal.doc.
Go to http://www.senate.gov for information on contacting your Senators’ offices.
Contact govrel@esopassociation.org with any questions.
If you live in New Hampshire, Maine, Massachusetts, or Louisiana, say thank you to these Senators who are standing up for ESOPs.