AICPA attacks DOL fiduciary plan’s ESOP language 

Published July 26, 2013

Efforts to stop the Department of Labor from reproposing its fiduciary rule continue, according to LifeHealthPro. Reporter Melanie Waddell reported that the American Institute of CPAs is working to ensure that DOL’s fiduciary reproposal does not define independent appraisers of Employee Stock Ownership Plans (ESOPs) as fiduciaries. The online publication for life and health insurance advisers reported that AICPA president and CEO Barry Melancon sent a July 10 letter to Sen. Tom Harkin (D-Iowa), chairman of the Health, Education, Labor and Pensions Committee – which has jurisdiction over DOL and the Employee Retirement Income Security Act – and other committee members urging them to co-sponsor two bills, H.R. 2014 and S. 273.


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