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Labor Dept. Retreats on Soft Dollars

Traders Magazine, February 2008

Peter Chapman

A decision by the U.S. Department of Labor to back off from stringent new disclosure rules covering soft dollars has the industry sighing with relief. Sources warn, however, that the final rules, part of a revision of Form 5500, are still confusing and potentially onerous. "The alternative rule they have established is responsive to our concerns," Liz Varley, a Securities Industry and Financial Markets Association vice president and director of retirement policy, told Traders Magazine. "There is now an alternative way to describe the soft-dollar impact to plan sponsors without going all the way toward having to calculate some kind of number on a per-plan basis, which would be nearly impossible to do."

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