8/5/2013

The AICPA has endorsed legislation in the House of Representatives and the Senate that would block the U.S. Department of Labor from changing the definition of "fiduciary" concerning the valuation of employee stock ownership plans. The AICPA argues that redefining an ERISA fiduciary to include ESOP appraisers would lead to a conflict between Labor Department and Internal Revenue Service requirements for ESOP appraisers. An ERISA fiduciary must act solely in the interest of plan participants and their beneficiaries, the AICPA said.

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