The American Institute of CPAs has written a letter to members of Congress to support legislation that would block the U.S. Department of Labor’s 2010 proposal to change its definition of fiduciary under the Employee Retirement Income Security Act of 1974 to include appraisers of employee stock ownership plans.
The AICPA has repeatedly argued that, rather than expand the definition, as proposed by the Labor Department, rules should be implemented to ensure that only qualified individuals prepare valuations for benefit plans and that they follow recognized valuation standards.
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