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29 C.F.R. § 2550.408g-2

Investment advice—fiduciary election.
CFR 2009 annual edition (revised as of 2009-07-01) · superseded Jul 1, 2012 · last amended by 74 FR 23951, May 22, 2009
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(a) General. Section 408(g)(11)(A) of the Employee Retirement Income Security Act, as amended (ERISA), provides that a person who develops a computer model or who markets a computer model or investment advice program used in an “eligible investment advice arrangement” shall be treated as a fiduciary of a plan by reason of the provision of investment advice referred to in ERISA section 3(21)(A)(ii) to the plan participant or beneficiary, and shall be treated as a “fiduciary adviser” for purposes of ERISA sections 408(b)(14) and 408(g), except that the Secretary of Labor may prescribe rules under which only one fiduciary adviser may elect to be treated as a fiduciary with respect to the plan. Section 4975(f)(8)(J)(i) of the Internal Revenue Code, as amended (the Code), contains a parallel provision to ERISA section 408(g)(11)(A) that applies for purposes of Code sections 4975(d)(17) and 4975(f)(8). This section sets forth requirements that must be satisfied in order for one such fiduciary adviser to elect to be treated as a fiduciary with respect to a plan under an eligible investment advice arrangement.
(b)
(1) If an election meets the requirements in paragraph (b)(2) of this section, then the person identified in the election shall be the sole fiduciary adviser treated as a fiduciary by reason of developing or marketing the computer model, or marketing the investment advice program, used in an eligible investment advice arrangement.
(2) An election satisfies the requirements of this subparagraph with respect to an eligible investment advice arrangement if the election is in writing and such writing—
(i) Identifies the investment advice arrangement, and the person offering the arrangement, with respect to which the election is to be effective;
(ii) Identifies a person who—
(A) Is described in any of 29 CFR 2550.408g-1(c)(2)(i)(A) through (E);
(B) Develops the computer model, or markets the computer model or investment advice program, utilized in satisfaction of 29 CFR 2550.408g-1(b)(4) with respect to the arrangement, and
(C) Acknowledges that it elects to be treated as the only fiduciary, and fiduciary adviser, by reason of developing such computer model, or marketing such computer model or investment advice program;
(iii) Is signed by the person identified in paragraph (b)(2)(ii) of this section;
(iv) Is furnished to the fiduciary who authorized the arrangement, in accordance with 29 CFR 2550.408g-1(b)(5); and
(v) Is maintained in accordance with 29 CFR 2550.408g-1(e).

Effective Date Note:

At 74 FR 3853, Jan. 21, 2009, § 2550.408g-2 was added, effective Mar. 23, 2009. At 74 FR 11847, Mar. 20, 2009, the effective date was delayed until May 22, 2009. . At 74 FR 23951, May 22, 2009, the effective date was delayed until Nov. 18, 2009

Source credit, amendments & notes

[74 FR 3853, Jan. 21, 2009, as amended at 74 FR 11847, Mar. 20, 2009; 74 FR 23951, May 22, 2009]

29 C.F.R. § 2550.408g-2 — Investment advice—fiduciary election. · CFR 2009 annual edition (revised as of 2009-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-2550.408g-2&asof=1987-06-01 · printed Oct 16, 2026
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  • (a) (a) General. Section 408(g)(11)(A) of the Employee Retireme…
  • (b) (b)
Implements
ERISA § 408 (29 U.S.C. § 1108) Exemptions from prohibited transactions
Cited by (code & regs)
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Also cited in 2 other documents
Department of Labor (EBSA)
Final Rules
  • 76 FR 66136 Oct 25, 2011 — Investment Advice-Participants and Beneficiaries
Proposed Rules
  • 75 FR 9360Proposed Mar 2, 2010 — Investment Advice-Participants and Beneficiaries Comments due May 5, 2010

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Each row is a version of the text as published by the official source. Code dates are the edition/release point that first reflected the change; regulation dates are eCFR effective dates. The library checks the official sources automatically, so new versions appear here on their own; “run” opens the sync that recorded a version.

EffectiveThroughSourceAmended by
Jul 1, 2009Jun 30, 2012CFR 2009 annual edition (revised as of 2009-07-01) run 12774 FR 23951, May 22, 2009View
Jul 1, 2012currenteCFR editorial change effective 2017-01-01 run 276 FR 66167, Oct. 25, 2011View · Redline (sign in)
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