Labels:book | reckoner | sky OCR: that ERISA's fiduciary obli igation provisions not apply to an insurance company's assets under General Account contracts like GAC 50 Indeed ot once since 1974 has the DOL commenced anty enforcement procee ding invoking the ERISA fiduciary rules applicabie to insurance company General Accouint practices. Because the DOLs interpretation valid construction of the statute rendered by the gency charged by Congress with ERISA implementation and enforcement 57 that interpretation entitled to great deference. Shortly after ERISA was enacted the DOL interpreted the statute AK not applying to General Account assets 11 its ERISA Interpreti ve Bulletin 75-2 (February 1975} IB 75.2"}. the DOL stated: ATT insurance company issues contract oI policy of insurance to plan and places the consideration 101 ...
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