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- This summer, at the movies…
- Easter Egg Hunt List
- Irish dance showcase at Warwick High School
- Roots and Blues 2017
- Reel Reviews: 2017 Oscar picks
- 'American Idiot' at EPAC
- Warwick grad producing 'Million Dollar Quartet' at Dutch Apple
- 'Somewhereville Station' revisits the 50s and 60s
- St. Patty's musical at Ephrata Main
There once was an old house on the hill…
Jaycees had 'em screamin' long before the big haunted attractions began Before there was Jason's Woods, Field of Screams and dozens of other Halloween attractions which now thrive in the Lancaster County region each fall, there was...
- Posted October 29, 2015
Huge crowds pack opening night of 97th Ephrata Fair, 50th Tent City
In a week where "fair weather" fans are very welcome, a rainy late Monday night gave way to a beautiful Tuesday and set the scene for a big opening night for the 97th edition...
- Posted September 23, 2015
The Akron dream
I suppose it was around 1970 when this new family rolled into the small green home two doors down from us in Akron. For the life of me, I can't recall anyone else living there prior though...
- Posted March 26, 2015
Hoop crazy
As a young boy, despite having constant "ants in my pants" and wanting to go outside to play basketball, ice hockey, street hockey, tackle football and of course, whiffleball, baseball and just about any ball you can...
- Posted February 4, 2015
Still time to watch…
OK, we are going to keep it really light and simple in this final week before the big day. While we spend a great deal of time reminding our children and others around us the reason...
- Posted December 17, 2014
Sleigh actually needed?
OK, I realize I am kind of breaking my own rule by talking about Christmas before Thanksgiving but you have to at least be a little giddy at the prospect of some snow on the ground...
- Posted November 25, 2014
Here's the trick…
With Halloween and the election both quickly approaching, I couldn't resist trying to somehow put the two together. I think for a trick, we won't spend too much time talking politics here (full election preview on...
- Posted October 29, 2014
New 'fair views'
With me celebrating my 50th Ephrata Fair in 2014, I felt it was more important than ever to find some new perspectives. OK, so maybe I don't recall the first five or so &tstr; when the...
- Posted October 1, 2014
Fair play
Walking in on an impromptu gathering of Ephrata Farmers Day Association officers and board members Tuesday night, one could expect some degree of angst or stress after the first full day of the 96th Fair. On...
- Posted September 24, 2014
Rise again
Of all the news stories unfolding over the past week, perhaps none struck a chord with the masses the way the devastating fire at Green Dragon did. Aside from the fact this is a core business...
- Posted September 17, 2014

subset: commoncrawl


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Well I'm now gonna start my new process of the ammo belt, now in a Veg-tan leather. You can see all my progress pics of the belt here in the next few days.
What new leather am I using? The best leather tandy has to offer. Which is called a Royal Meadow Veg. Check it out for yourself on tandys website. This stuff is B-E-A-utiful! Almost every single square inch of leather is usable. No bleamishes, scratches, brands, or discoloration. I think they were indoor cows...:lol.
It might be abit pricey for me but it will just mean a better quaility leather for you. I have taken out cost of stitching from someone else from the old price. So for these new belts price will be cut to $100 flat instead of $120 for US, and $127 instead of $140 for outside US. The cost of flat rate shipping overseas has just gone up as I discovered that about 2 days ago.
I'm also just getting a list ready for those who have expressed intrest already. Thanks.
Non-functional sign up
2. Jawafive - Paid
3. Ilikebmxbikes - Paid
4. Jedi.paramedic
Functional Ammo belt set to begin in Apirl boxes ordered - will be around $150 shipped US, and $175 outside
1. Cailieg - Paid - Shipped
2. Cailieg - Paid - Shipped
3. Grifter - Paid - Shipped
4. Thundrkiss - awaiting reply
5. Member - Shipped
6. Acyang - Shipped
7. Superjedi - Shipped
8. TK9950 - Shipped
9. Cailieg - Shipped
10. Scooter - Paid - Shipped
11. Vwstarfan - Paid - Shipped
*Run list now closed*


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I have not really had too much of a problem when I buy a yarn and do a swatch and have to adjust my needle, but my question is this, if you find a yarn with the proper gauge, but very different needle size than your pattern recommends, ie
18 st x 24 rows 7 needle (yarn recommend)18 st x 24 rows 10 needle (pattern)
would you just go with the yarn recommendation needle size right off the bat to make your gauge and ignore the pattern needle size? Would the size of the garment be affected in a situation like this or would you be safe as long as your gauge with the 7's came out? I found some beautiful yarn that is quite expensive and I want to make a birthday gift, but don't want to order it if I am going to have issues with it size wise. Thanks for your opinion and insight!
What this really means is that the designer got gauge with a different needle size... probably. Maybe they knit quite tightly or loosely? IMO the wool company has said on their label that this wool knits up to a nice fabric at x gauge, which is the same gauge, so I'd use it.
The only consideration is the possibility that the designer used a wool knitted at a different gauge from that on the label to get a stiffer denser fabric, or to get a very loose, open, drapey fabric. In that case you knitting the pattern at specified gauge but a different weight wool, could cause problems. I would check the label gauge of the wool recommended in the pattern (use Yarndex?) and get a wool with the same label gauge as the one used in or recommended by the pattern. And knit to the gauge recommended in the pattern. I think that way you can't go wrong.So: is the label gauge of the wool you want to use the same as the label gauge of the recommended wool?
SarahP.S. are you sure the needle sizes are under the same system, not one in UK size and one in mm or US size?
I was thinking the same thing as Sarah, the size of the garment wouldn't be affected but the drape and look of it might be.
You can do it but you might want to swatch first and see how you like the results.
hi, Faye
it happened to me a lot--so usually I would just start making a swatch then adjust accordingly.
sometimes the gauge shown in the pattern is the gauge in a specific stitch pattern (like a complicated lace pattern?) so that would be the gauge in pattern, not in st st. it would be natural that the guage of your pattern and your yarn don't match on such occasions.


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The newly appointed head of finance at the world's largest listed hedge fund developed his interest in accounting as a schoolboy at Wellington's Hutt Valley High.
New Zealander Kevin Hayes' early passion for numbers proved to be the springboard for a career which has included senior positions with big-name global firms Ernst & Young and Lehman Brothers.
Last month Hayes was appointed London-based chief financial officer for Man Group, a global investment firm managing more than US$61 billion ($82 billion) of clients' funds.
Hayes graduated with degrees in commerce and law from Victoria University in 1986 and began work in Wellington at what was then accounting firm Arthur Young.
After a period on secondment to the State Services Commission, he moved to Arthur Young in New York, arriving on the day in 1989 the firm announced its merger with Ernst & Whinney to form Ernst & Young.
"The fact that I came out of New Zealand was a little bit of an advantage for me because in that environment I wasn't either an Arthur Young or an Ernst & Whinney, I was a guy from New Zealand," Hayes says.
"I think that gave me a bit of a novelty value. People in New York are naturally attracted to people who are from other places."
Hayes made partner at Ernst & Young before joining Lehman Brothers where, over 12 years with the firm, he held senior finance and strategy positions, the last being global director of process and productivity.
Hayes says he was attracted to FTSE-listed Man Group because of its position as a global leader in "alternative" investment products. As well as being the world's largest hedge fund company, Man is also one of the largest futures brokers.
"This is a huge industry that continues to grow," he says. "People are needing investment products more nowadays. People are living longer, people are thinking about long-term investments.
"They're thinking about long-run performance, they're looking for innovative products and Man is an organisation that can provide that, both on the retail side and the institutional side."
One innovation being pushed by Man is "green investing" - a concept proving increasingly popular with environment-conscious investors.
"We constantly look for new investments, new investment strategies and the green market is going to be a very big market," Hayes says.
"People are very enthusiastic about the opportunities. People see some real social impact that they can have in making investments in people who are committed to reducing emissions and carbon levels."
Hayes says the time he spent at the State Services Commission in the late 1980s, working on the sweeping reforms to New Zealand's corporate framework introduced through the 1993 Companies Act, was invaluable.
"That was a good opportunity for me to clip together some commerce and law and really gave me an exposure - which was very important later on - to the US framework of accounting."
Hayes is married to a New Yorker and has children aged 11, 10 and 6. He returns to New Zealand regularly. His mother still lives in Lower Hutt.
On whether he might eventually settle back here, he says: "I never discount anything.
"The opportunity of going back to New Zealand I always keep open. I have a strong affection for New Zealand. It's a great country to grow up in and to bring children up in."
One of the country's top CFO jobs, at Telecom, may open up soon if incumbent Marko Bogoievski succeeds Theresa Gattung as chief executive. But suggesting the possible vacancy brings a diplomatic chuckle from Hayes. It seems unlikely he would want to change jobs again so soon after joining Man.
Man Group's investment division, Man Investments, has more than 25,400 clients in New Zealand who have $745 million invested through its fund products.
On a per capita basis, Man has more clients in New Zealand than in any other country.
"A lot of the trends you see in the international markets tend to be very quickly adopted in New Zealand.
"New Zealand is an innovative country where you've got a lot of people who are open to new ways of doing things, new investment strategies.
"That's definitely been the experience of Man - the take-up of the product in New Zealand has been tremendous."


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Two former Tar Heel defenders had standout performances in week 14 of the NFL season. In Buffalo, Da'Norris Searcy had his best game of the year, logging five tackles in a 15-12 Bills' loss. Two of his stops were unassisted and one went for a loss. He now has 36 tackles on the year, which is a career high. In Jacksonville, Jets' rookie Quinton Coples tallied the third sack of his rookie campaign in a New York win. He had two tackles on the day to give him 22 takedowns on the year.
Other former Tar Heels in action this weekend include:
Marvin Austin, NY Giants - Austin was listed as inactive for the Giants' match-up with the New Orleans Saints. The Giants won the contest 52-27
Connor Barth, Tampa Bay - Barth was his usual reliable self on Sunday, converting all three extra points in the Buccaneers 23-21 loss to Philadelphia.
Zach Brown, Tennessee - The rookie linebacker continued his impressive campaign, making three stops, all of which were unassisted. He also tallied one hit on Colts' quarterback and fellow rookie Andrew Luck.
Bruce Carter, Dallas - The Cowboys placed Carter on injured reserved for the season after an elbow injury he suffered on Thanksgiving. At the point of his injury, he led Dallas in tackles.
Shaun Draughn, Kansas City - Draughn got two offensive touches, taking one handoff for no yards and catching one ball for eight yards. He also had a single kick return for 20 yards in the Chiefs' 30-7 defeat.
Vonnie Holliday, Arizona - The veteran defensive lineman made two stops in the Cardinals' defeat on Sunday, one of which was made for a loss. His two tackles brought his season total to 12 stops on the year.
Greg Little, Cleveland - Little had seven targets and hauled in four of them for a total of 69 yards receiving. He also had his number called once in the running game, taking his carry for 17 yards.
Michael McAdoo, Baltimore - The Ravens placed McAdoo on injured reserved for the season following Achilles surgery.
Hakeem Nicks, NY Giants - Nicks was a key contributor to the Giants' volatile passing attack, hauling in four catches for 67 yards. He also caught a 25-yard touchdown pass in the third quarter of the Giants' win.
Julius Peppers, Chicago - The 12th year defensive end hasn't lost a step, making four stops along the defensive line, including three solo tackles. One of his stops was made behind the line of scrimmage.
Robert Quinn, St. Louis - Quinn got back in the sack column on Sunday, making two tackles including a sack to bring his season total to 9.5.
Garrett Reynolds, Atlanta - The Falcons placed Reynolds on injured reserved for the season with a lower back injury. Reynolds started the first six games of the season before getting hurt.
Jeff Saturday, Green Bay - Saturday and the offensive line paved the way for 288 yards of total offense as the Packers defeated the Detroit Lions 27-20.
Gerald Sensabaugh, Dallas - The ninth year safety assisted on three tackles in the Cowboys' 20-19 come from behind victory. He also defended a pass on the afternoon.
Brandon Tate, Cincinnati - The Bengals' return specialist logged two kickoff returns for 55 yards, including a long of 35. He now has 677 kickoff return yards on the year.
Ryan Taylor, Green Bay - Taylor made two stops for the Packers' special teams, bringing his season total to four tackles.
Cam Thomas, San Diego - Thomas had two tackles from his defensive tackle position for the third time in four weeks. On the season, he has made 11 total stops.
Greg Warren, Pittsburgh - The Steelers punted seven times for 332 yards and a 47.4 yard average. The veteran long snapper also aided in the conversion of Pittsburgh's only field goal attempt and all three extra points.
Johnny White, Green Bay - White was active for the Packers' win over the Lions, seeing action on special teams.
TJ Yates, Houston - Yates and the Texans will be featured in a matchup of AFC powers on Monday Night Football as Houston travels to face the New England Patriots.


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The hot-hitting bats of Oldham County softball were put to the test Tuesday night by district foe North Oldham.
They passed that test, but barely.
LEXINGTON - Landin Jones had already proven people wrong.
The heavyweight wrestler from North Oldham pinned his first two state tournament opponents in under a minute, pinned a contender in 1:18 in the semifinals and reached the championship match.
And all it took was 46 seconds in the final match for it be over for Jones.
LEXINGTON - It's been eight years since Oldham County High School had a wrestler win state. That was in 2007, when Alex McIntosh was in the heart of elementary school.
Fast forward to Wednesday when McIntosh, a junior, climbed atop the highest point on the podium as the 170-pound champion in the KHSAA State Wrestling Tournament at Alltech Arena.
McIntosh defeated Boyle County's Brandon Devins in a 7-1 decision in the championship round to give the Colonels' its first state title winner in 12 years.
The Oldham County High School dance team competed Feb.27 in Frankfort at the State Dance Team competition. The team brought back second place in the small jazz division. This is the third time in a row the Oldham County dance team has made it to the state finals and has placed second each year.
After the event was postponed due to inclement weather, the KHSAA State Wrestling Tournament finally took place Mar. 9-10 at Kentucky Horse Park in Lexington. While results from the tournament were not available by the Era's press time, the area participants are listed:
Austin Alemi - 145
Sam Jenkins - 132
Drew Johnson - 106
Landin Jones - 285
Val Liu - 120
Dallas Ochsenbein - 113
Collin Portman - 195
John Reitnauer - 152
Hunter Stuart - 138
Copyright © 2017
The Oldham Era is your source for local news, sports, events, and information in Oldham County and LaGrange, Kentucky, and the surrounding area.


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The comedy and music venue that has hosted David Bowie, Bob Marley, Ella Fitzgerald and The Beatles is being restored to its Grade II* Art Deco glory.
The Hammersmith Apollo, which began life in 1932 as the Gaumont Palace, one of Britain's biggest cinemas, is undergoing a multi-million-pound transformation that will reveal original features hidden under layers of paint and provide new seating, bars and ventilation.
The work will restore foyer floor mosaic panels currently covered in carpet and remove black paint from the windows so that light will flood the circle bar and the foyer.
Two marble staircases concealed beneath the extended stage will be uncovered. And the venue is being repainted in green, mauve and black, the original colour scheme.
There will be new bars and seats in the stalls and those in the circle will be raised and re-upholstered to improve comfort and legroom.
The work was ordered by music promoters AEG Live after they bought the venue last year with ticket agents CTS Eventim. Colin Chapple, AEG's chief operating officer, said it recognised that London deserved more from one of its top venues. Edmund Wilson, the architect in charge, said: "It's listed because it's so well preserved. All the features are there, all the original cornices, a lot of original glass."
The Apollo, which was designed by architect Robert Cromie and became a live venue in 1962 when it was renamed, also still has its original 1932 Compton pipe organ.
John Muir, an architectural adviser who went to the cinema there in 1941, said the venue was remarkable for its width, spanning 170 feet at the rear of the circle, and its huge stage, 20 feet wider than the Royal Opera House. It reopens in September although more work will follow.
- More about:
- Architects
- Architecture
- Bars And Pubs
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- Hammersmith Apollo
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Kevin & Karen's Friday Rundown
Join Kevin Meeks & Karen Henderson for Baton Rouge's Morning News, 5:30-9 AM on News Radio 1150 WJBO. News updates every 30-minutes from News Radio 1150 WJBO's Don Grady and Fox News Radio, and sports with Richard Condon at :15 & :45 past each hour. Plus your phone calls and Facebook comments on the top news stories at :11 past each hour.
6:21 AM - Special guests coming to the annual LSU Coaches Clinic on 3/27-28. Richard Condon has the details.
6:41 AM - One of the main reasons for the spread of illness is something that way too many of us are guilty of. What is it? Infectious disease expert Rik Heller has the answer.
7:21 AM - BRAC is urging reform of higher education. The specifics from Erin Monroe Wesley, BRAC's Exec. VP and COO.
7:41 AM - An update on the effort to curb high flood insurance rates with Congressman Bill Cassidy.
8:21 AM - It has happened in Texas and Louisiana's ban on gay marriage may be falling soon. What to expect with legal analyst, Attorney Tim Meche.
8:41 AM - Former Congressman Jeff Landry wants to become the state's next Attorney General. Why does he want to unseat Buddy Caldwell? Our guest is Jeff Landry.


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Writing unique content is the main task that you will keep doing after you finish building your site (besides the SEO and maintenance). This frequent process should be handled one time at least every week to keep your page rank and even to raise it. Content you will add (as posts and pages) will also keep […]Read more
How to get Content to your website without writing it?
What is Duplicate Content?
Duplicate Content is a common term that refers to the same or almost same content in different websites pages on the internet. But why it is important to avoid duplicate content? In fact when search engines crawlers meet almost same content they will not feel happy and they will try to choose only one of […]Read more
How to increase your website speed?
Website speed gets more importance nowadays as it is considered as one of many other factors which Google considers when setting Page Rank. On the other hand website speed influences the traffic in general, when a visitor of your website should wait long time to can see your homepage(or any other page) he might not […]Read more
What is Sitemap?
A site map or sitemap is a kind of index of website which can be used from users and search-engines crawlers, It is a normal http file (web page file) or may be in any document form. . What the importance of Sitemap? A site map is important for both:visitors & search engines crawlers: 1. For […]Read more
What are Keywords? (part 2/2)
As said before in part 1: It all begins with keywords which are typed in the search boxes of search engines. Knowing proper keywords for a specific page of your website has many benefits as in addition of raising SEO and minimizing PPC cost, you will know more about your visitors (or customers as an […]Read more
My Best Keyword Tool: Long Tail Pro
Talking about best keyword tool leads me to repeat this again: Traffic is the most important issue that an affiliate is looking for, getting traffic to your site can be obtained through SEO or PPC methods, and to do best on-page SEO or minimum cost for PPC you should find your proper keywords, which is not that […]Read more
How to use a Keyword Tool?
To use a Keyword Tool (or Keyword Research Tool) is to simply use a service that some specialized websites offers to help you choosing the best profitable keywords for a certain page or website. Nowadays these tools become more helpful and have many benefits in addition to helping finding proper keywords, they can make also these […]Read more
What are Keywords? (part 1/2)
Keywords may consist of one word or more(phrase) and have two meanings: For visitors we can call them Search words which they write in the search box of the search engines when looking for a specific topic. But for website builders(or SEO managers) it is called Meta words and these words sets by them to focus on which words form the most […]Read more
Best WordPress Themes
There are hundreds or even thousands of wordPress themes around the net, many are fantastic but many are bad and waste of money. In this article (after you have installed wordPress as instructed in the article: Building a basic content of the website) you will find some of the best wordPress themes which are a fantastic choice […]Read more
What is Page Rank?
Let´s first start by defining this phrase: Google Page Rank(PR): Page Rank is a number from 0 to 10 which Google assigns to each website on the net to be ranked, depending on special algorithm (which is created and developed by Larry Page, one of Google founders). Google simply counts the links that point to a site […]Read more


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|Don't ask to ask, just ask
Scalar context of sliceby thenaz (Beadle)
|on Oct 03, 2008 at 20:22 UTC ( #715269=perlquestion: print w/replies, xml )
|Need Help??
thenaz has asked for the
wisdom of the Perl Monks concerning the following question:
Why doesn't scalar context of a slice (as follows) give the length of the list? It seems to work if I apply a "map" that does nothing (save copy the list).
Back to Seekers of Perl Wisdom


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Thursday, March 28, 2002
Steamboat Springs The survey the city sent out to 4,000 residents two weeks ago is taking some people a little longer to finish than the city expected. That's why the city is extending the deadline for returning the surveys from today the original deadline to April 8.
Deputy City Manager Wendy DuBord said the city's consultant had already received hundreds of surveys back, but some residents called the city asking for more time.
"It is a long form, but I think it is a real important one," said Leslie Lovejoy, a local resident who had dropped her survey into a pile of "things to do" and had almost forgotten about it. She was grateful for the extension.
To ensure an accurate count, the city is willing to give people more time, DuBord said.
Once the surveys are returned, the consultants, RRC Associates, will make 300 phone calls to residents to confirm the results of the written survey.
DuBord said residents have not complained about the length of the survey, though some did ask for the extension. The survey, which asks about the quality of city services and the city budget, should take about 20 to 30 minutes, she said. It is eight pages long and designed to be scanned to avoid human error or tampering.
City Councilman Steve Ivancie said he thinks the extension is a good idea as long as the consultant still has time to analyze the data before the council has to decide on the 2003 budget.
"We knew it would take citizens time to finish, but it's well worth it," Ivancie said. "I have no problem with an extension. I would like to see as many people return them as possible."
The results should be out in late April or early May, DuBord said.
The numbers from the survey will help the city decide where to spend money and whether to go for a tax ballot issue this year.
It will also help the city draft the Steamboat Springs Community Area Plan, said city Planning Director Wendie Schulenberg.
It cost the city about $25,000 to conduct the survey and to have it analyzed by the consultant. At no point will city officials look at the surveys or handle them, DuBord said.
"We really would encourage citizens to return the surveys as quick as they can," DuBord said.
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Yates Beaten, One Up, by Held in Palm Beach Golf; HELD BEATS YATES ON THE HOME GREEN Reaches Quarter Finals of the South Florida Golf Tourney After Keen Match. BIRDIE 3 DECIDES ISSUE Voigt, Langford and Hakes Also Advance in First Sixteen on Palm Beach Links.
PALM BEACH, Fla., Feb. 15.-- Eddie Held, St. Louis amateur golf star and twice trans-Mississippi champion, scored a brilliant victory in the quarter final matches of the South Florida tournament over the ...
February 16, 1928
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EBSA Assistant Secretary Phyllis C. Borzi
Testimony of Phyllis C. Borzi
Assistant Secretary of Labor
Employee Benefits Security Administration
Before the House Committee on
Education and the Workforce Subcommitte on
Health, Employment, Labor, and Pensions,
United States House of Representatives,
July 26, 2010
Introductory Remarks
Good morning Chairman Roe, Ranking Member Andrews, and Members of the Subcommittee. Thank you for inviting me to discuss the Department of Labor's proposed amendment to its fiduciary regulation and activities we have undertaken to date in connection with this initiative. I am Phyllis C. Borzi, the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA). EBSA is committed to pursuing policies that encourage retirement savings and promote retirement security for American workers.
A key part of EBSA's job is establishing policies that safeguard the money that workers and employers set aside for workers' retirement. There are about 48,000 private-sector defined benefit plans that hold approximately $2.6 trillion in assets.1 In addition, there are nearly 670,000 private-sector 401(k) and other defined contribution account plans that hold about $3.9 trillion in assets.2 Individual Retirement Accounts (IRAs) hold an additional $4.7 trillion.3 In fact, nearly 50 million households own some type of IRA. That number represents more than 40 percent of the households in the United States.4 Americans' retirement security depends in large measure on the sound investment of this money. While some investment decisions are made by large professional money managers, today most are made by individual workers who must manage their own 401(k) accounts and IRAs. To guide their decisions, workers often rely on advice from trusted experts.
The Employee Retirement Income Security Act of 1974 (ERISA) expressly provides that a person paid to provide investment advice with respect to assets of a private-sector employee benefit plan is a plan fiduciary. The Internal Revenue Code (the "tax code") has the same provision regarding investment advisers to IRAs. ERISA and the tax code prohibit both employee benefit plan and IRA fiduciaries from engaging in a variety of transactions, including self-dealing when a fiduciary puts his or her own financial interests first unless the relevant transaction is authorized by an "exemption" contained in law or issued administratively by the Department of Labor. In the case of an employee benefit plan, but not an IRA, under ERISA a fiduciary also owes a duty of prudence and exclusive loyalty to plan participants, and is personally liable for any losses that result from a breach of such duty. This has been the law since ERISA was enacted in 1974.
The law on its face is simple enough: advisers should put their clients' interests first. But as always the devil is in the details in this case, in the question of what constitutes paid investment advice. The Department's current initiative will amend a flawed 35-year-old rule under which advice about investments is not considered to be "investment advice" merely because, for example, the advice was only given once, or because the adviser disavows any understanding that the advice would serve as a primary basis for the investment decision.
Investors such as pension fund managers and workers contemplating investing through an IRA should be able to trust their advisers and rely on the impartiality of their investment advice. That is the promise written into law in 1974. The Department's initiative sets out to fulfill this promise for America's current and future retirees. The impact of investment advice depends on its quality. Prudent, disinterested advice can reduce investment errors, steering investors away from higher than necessary expenses and toward broad diversification and asset allocations consistent with the investors' tolerance for risk and return. Accordingly, it is imperative that good, impartial investment advice be accessible and affordable to plan sponsors and especially to the workers who need it most.
The Department's October 2010 proposed amendment to its fiduciary rule represented its approach to accomplishing these goals. The proposal has prompted a large volume of comments and a vigorous debate. The Department is committed to developing and issuing a clear and effective rule that takes full and proper account of all stakeholder views, and that ensures that investment advisers can never profit from hidden or inappropriate conflicts of interest.
The Law
In enacting ERISA in 1974, Congress established a number of provisions governing investment advice to private-sector employee benefit plans and IRAs. Under ERISA and the tax code, any person paid directly or indirectly to provide investment advice to a plan or IRA is a fiduciary.
Prohibited transactions Substantially identical provisions in ERISA and the tax code prohibit fiduciaries from engaging in a variety of transactions, including those that result in self-dealing, unless they fall within the terms of an exemption from the general prohibition. The relevant ERISA provisions apply to private-sector employee benefit plans, and the related tax code provisions apply to both plans and IRAs. In either case, fiduciaries who engage in prohibited transactions are subject to excise taxes. ERISA and the tax code each provide the same statutory exemptions from the general prohibition against self-dealing. The Secretary of Labor is authorized to issue additional exemptions.
What is an exemption? From the fiduciary's point of view, an exemption is permissive: it allows the fiduciary to engage in certain transactions that would otherwise be prohibited. From a worker's point of view, an exemption should be protective, because it establishes rules of the road that fiduciaries must follow when they self-deal so that transactions are in workers' interest. In other words, if an investment adviser is compensated for steering a worker's retirement savings toward a particular financial product, the adviser must first satisfy conditions established by Congress or the Department to protect the worker's interests and rights.
Section 102 of the Reorganization Plan No. 4 of 1978 generally transferred to the Department of Labor the Treasury Department's authority to interpret the tax code's prohibited transaction provisions and to issue related exemptions, thus consolidating interpretive and rulemaking authority for these substantially identical ERISA and tax code provisions in one place the Department of Labor. At the same time, the IRS's general responsibility for enforcing the tax laws extends to excise taxes imposed on fiduciaries who engage in prohibited transactions. Thus, the Department shares with the IRS responsibility for combating self-dealing by fiduciary investment advisers to plans and IRAs.
Fiduciary duties ERISA additionally subjects fiduciaries who advise private-sector employee benefit plans to certain duties, including a duty of undivided loyalty to the interests of plan participants and a duty to act prudently when giving advice. Fiduciaries face personal liability for any losses arising from breaches of such duties. ERISA authorizes both participants and the Department to sue fiduciaries to recover such losses. These ERISA provisions, however, generally do not extend to fiduciaries who advise IRAs.
Problems with the Existing Regulation
In 1975, the Department issued a five-part regulatory test defining "investment advice" that gave a very narrow meaning to this term. The regulation significantly narrowed the plain language of the statute as enacted, so that today much of what plainly is advice about investments is not treated as such under ERISA and the person paid to render that advice is not treated as a fiduciary. Under the regulation, a person is a fiduciary under ERISA and/or the tax code with respect to their advice only if they: (1) make recommendations on investing in, purchasing or selling securities or other property, or give advice as to their value; (2) on a regular basis; (3) pursuant to a mutual understanding that the advice; (4) will serve as a primary basis for investment decisions; and (5) will be individualized to the particular needs of the plan.
An investment adviser is not treated as a fiduciary unless each of the five elements of this test is satisfied for each instance of advice. For example, if a plan hires an investment professional on a one-time basis for advice on a large complex investment, the adviser has no fiduciary obligation to the plan under ERISA, because the advice is not given on a "regular basis" as the regulation requires. Similarly, individualized, paid advice to a worker nearing retirement on the purchase of an annuity is not provided on a regular basis. Thus, the adviser is not a fiduciary even though the advice may concern the investment of a worker's entire IRA or 401(k) account balance.
In a different example, consider an IRA holder who consults regularly with a paid adviser, and regularly buys and sells securities pursuant to that person's advice. The IRA holder may rely on the advice as a primary or even the sole basis for investment decisions, but if the adviser cannot be shown to have agreed or understood that the advice would be a primary basis for the investment decisions then the adviser avoids fiduciary status and is free to self-deal. This example is particularly important. Today many service providers (such as brokers) attempt to avoid fiduciary status simply by including disclaimers in their written agreements with IRA holders explaining that they are not acting as registered investment advisers and that their advice will not constitute a primary basis for the IRA holders' decisions.5 An authoritative study by RAND for the SEC demonstrated that consumers often do not read such agreements and do not understand the difference between brokers and registered advisers or the services they provide.6
The narrowness of the existing regulation opened the door to serious problems, and changes in the market since the regulation was issued in 1975 have allowed these problems to proliferate and intensify. The variety and complexity of financial products have increased, widening the information gap between advisers and their clients and increasing the need for expert advice. Consolidation in the financial industry and innovations in products and compensation practices have multiplied opportunities for self-dealing and made fee arrangements less transparent to consumers and regulators. At the same time, the burden of managing retirement savings has shifted dramatically from large private pension fund managers to individual 401(k) plan participants and IRA holders, many with low levels of financial literacy. These trends could not have been foreseen when the existing regulation was issued in 1975.
In 1975, private-sector defined benefit pensions - mostly large, professionally managed funds - covered over 27 million active participants and held assets totaling almost $186 billion. This compared with just 11 million active participants in individual-account-based defined contribution plans with assets of just $74 billion.7 Moreover, the great majority of defined contribution plans at that time were professionally managed, not participant directed. In 1975, 401(k) plans did not yet exist and IRAs had just been authorized as part of ERISA's enactment the prior year. In glaring contrast, by 2008 defined benefit plans covered just 19 million active participants, while individual-account-based defined contribution plans covered over 67 million active participants - including 60 million in 401(k)-type plans.8 Ninety-five percent of 401(k) participants were responsible for directing the investment of all or part of their own account, up from 86 percent as recently as 1999.9 Also, in 2010, almost 50 million households owned IRAs.10 In dollar terms, by 2010, defined benefit plans, with $2.6 trillion in assets, had been eclipsed by defined contribution plans which held $3.9 trillion. IRAs held the most: $4.7 trillion, with most of this attributable to rollovers from plans.11
The narrowness of the regulation has harmed some plans, participants, and IRA holders. Research has linked adviser conflicts with underperformance. SEC reviews of certain financial sales practices may also reflect these influences. Finally, EBSA's own enforcement experience has demonstrated specific negative effects of conflicted investment advice.
One academic study found that investors purchasing funds through brokers generally get lower returns, even before paying the brokers' fees, than those who buy them directly, and do no better at asset allocation. The study's authors say this might be evidence of harmful conflicts of interest, but might also be evidence that investors are buying something "intangible" from their brokers.12 Another study finds that advisers' compensation structures matter those with conflicts give poorer advice. 13 Other research, relevant to valuation advice, finds that accountants value property higher when working for sellers than for buyers.14 Still other research finds that disclosure of conflicts fails to protect consumers. A conflicted adviser may feel morally licensed by disclosure to pursue his self interest, and he may exaggerate his advice to compensate for the possibility that a consumer will discount it. The consumer may be reluctant to question the advice, not wanting to imply that the adviser is being dishonest or come between the adviser and his pay.15
It is worth noting that none of this research evidence necessarily demonstrates abuse. On the contrary, it seems to suggest that conflicts may color advice in some instances from honest advisers without their even realizing it. But whether deliberate or inadvertent, the result where conflicts exist is often the same: adviser conflicts are a threat to retirement security. Academic research suggests this, and experience bears it out.
For additional evidence, consider the underperformance of IRAs relative to plans. Some gap might be expected, as the comparison is between retail and institutional customers. But the size of the gap is troubling. Unlike plan participants, IRA holders do not have the benefit of a plan fiduciary, usually their employer, to represent their interests in dealing with advisers. EBSA estimates that from 1998 to 2007, the average annual returns for IRAs were 4.5 percent, compared with 5.4 percent for 401(k)s.16 Further, in a recent report, the Government Accountability Office stated that IRA holders often pay fees that can be two to three times higher than the fees paid by employee benefit plan participants for in-plan investments. 17
A 2007 SEC report provides more evidence. The report examines "free lunch" sales seminars that market financial products to retirees. The SEC conducted 110 examinations of financial services firms providing "free lunch" seminars. Of these, only five found no problems or deficiencies. More than half found that materials used might have been misleading or exaggerated. Twenty-five found that unsuitable recommendations were made. Seminar attendees often may not have known that presenters had a financial stake in the products they recommended, the SEC said.18
Finally, consider the evidence provided by EBSA's enforcement experience. Too often advisers who put their own interests first escape fiduciary status through a loophole in the existing regulation. For example, consider the following case: A financial services firm often recommended mutual funds that paid it revenue sharing. Even though some of its consulting agreements with plans acknowledged the firm's status as an ERISA fiduciary, it denied being a fiduciary for any ERISA clients. Consequently, the Department had to interview dozens of the clients in order to determine whether the firm's advice met the current regulation's five-part test. In many cases, the advice did not meet the "regular basis" requirement because the firm's representatives had infrequent contact with plans after the selections of mutual funds. Due to the ambiguous nature of the evidence on the firm's fiduciary status under the existing rule, DOL could not pursue enforcement against it.
Another example involves improper appraisals in connection with employee stock ownership plans (ESOPs). Since the early 2000s, EBSA began to identify issues involving ESOPs, encompassing a variety of different violations of ERISA and affecting over 500,000 participants. In many instances, the most important investment advice to a plan concerns how much to pay for an asset. In the case of ESOPs, in particular, the key decision is typically not whether to buy stock the plan was established precisely to buy and hold employer stock but rather what price to pay for the stock. The Department has uncovered abuses reflecting flawed valuation methodologies, internally inconsistent valuation reports, the use of unreliable and outdated financial data, and the apparent manipulation of numbers and methodologies to promote a higher stock price for the selling shareholders. Under ERISA, a loss remedy is only available from plan fiduciaries. As a result, under the current regulatory structure, neither the Secretary nor plan participants can hold the appraiser directly accountable for disloyal or imprudent advice about the purchase price, no matter how critical that advice was to the transaction. The sole recourse available to the Secretary and plan participants is against the trustee who relied on the advice, rather than against the professional financial expert who rendered the valuation opinion that formed the necessary basis for the transaction.
Consequently, the Department believes there is a need to re-examine the types of advisory relationships that should give rise to fiduciary status on the part of those providing investment advice services. The 1975 regulation contains technicalities and loopholes that allow advisers to easily dodge fiduciary status. Plan fiduciaries, participants, and IRA holders are entitled to receive impartial investment advice when they hire an adviser.
Overview of Proposed Regulation
On October 22, 2010, the Department published a proposed regulation defining when a person is considered to be a "fiduciary" by reason of giving investment advice for a fee with respect to assets of an employee benefit plan or IRA. The proposal amends the current 1975 regulation that may inappropriately limit the circumstances that give rise to fiduciary status on the part of the investment adviser.19 The proposed rule takes into account significant changes in both the financial industry and the expectations of plan fiduciaries, participants and IRA holders who receive investment advice. In particular, it is designed to protect participants from conflicts of interest and self-dealing by correcting some of the current rule's more problematic limitations and providing a clearer understanding of when persons providing such advice are subject to ERISA's fiduciary standards, and to protect IRA holders from self-dealing by investment advisers.
The proposed regulation would modify the 1975 regulation by: (1) replacing the five-part test with a broader definition more in keeping with the statutory language; and (2) providing clear exceptions for conduct that should not result in fiduciary status. Under the proposal, the following types of advice and recommendations may result in fiduciary status: (1) appraisals or fairness opinions concerning the value of securities or other property; (2) recommendations as to the advisability of investing in, purchasing, holding or selling securities or other property; or (3) recommendations as to the management of securities or other property.
To be a fiduciary, a person engaging in one of these activities must receive a fee and also meet at least one of the following four conditions. The person must: (1) represent to a plan, participant or beneficiary that the individual is acting as an ERISA fiduciary; (2) already be an ERISA fiduciary to the plan by virtue of having any control over the management or disposition of plan assets, or by having discretionary authority over the administration of the plan; (3) be an investment adviser under the Investment Advisers Act of 1940; or (4) provide the advice pursuant to an agreement or understanding that the advice may be considered in connection with investment or management decisions with respect to plan assets and will be individualized to the needs of the plan.
At the same time, the proposed regulation recognizes that activities by certain persons should not result in fiduciary status. Specifically, these are: (1) persons who do not represent themselves to be ERISA fiduciaries, and who make it clear to the plan that they are acting for a purchaser/seller on the opposite side of the transaction from the plan rather than providing impartial advice; (2) persons who provide general financial/investment information, such as recommendations on asset allocation to 401(k) participants under existing Departmental guidance on investment education; (3) persons who market investment option platforms to 401(k) plan fiduciaries on a non-individualized basis and disclose in writing that they are not providing impartial advice; and (4) appraisers who provide investment values to plans to use only for reporting their assets to the DOL and IRS.
Concerns Raised about the Proposed Regulation and the Department's Preliminary Responses
The proposed regulation has prompted a large volume of comments and a vigorous debate. The Department is working hard to hear and consider every stakeholder concern.
The October proposal itself drew more than 200 written comments, many raising important and complex issues that require serious attention. The Department followed up by holding two days of hearings on March 1 and 2, providing an additional forum for 36 witnesses and prompting more than 60 additional, post-hearing written comments. We also have met individually with many groups that sought additional opportunities to explain their views. Altogether, the Department has heard from many representatives of the financial services industry, as well as from plan sponsors, advocates for small investors, service providers, academics who study the roles of financial intermediaries and the effects of conflicts between consumers and expert advisers, and interested Members of Congress. The Department is devoting a major effort to appropriately resolve the concerns raised by stakeholders. Let me offer examples of how we are thinking about some of the major ones.
Coordination with Other Federal Agencies We have received many comments emphasizing the importance of harmonizing the Department's proposed rulemaking with certain Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) rulemaking activities under the Dodd-Frank Act, including activities related to SEC standards of care for providing investment advice and CFTC business conduct standards for swap dealers. There are concerns that inconsistent standards could negatively impact retirement savings by increasing costs and foreclosing investment options. Likewise, concerns have been raised about the adequacy of coordination between the Department and other relevant agencies, including the SEC, Treasury Department, and Internal Revenue Service, with respect to oversight of IRA products and services.
The Department, Treasury Department, Internal Revenue Service, SEC, and the CFTC are actively consulting with each other and coordinating our efforts. Our shared goal is to harmonize our separate initiatives. We are also committed to ensuring that the regulated community has clear and sensible pathways to compliance. We are confident that these goals will be achieved.
The SEC is currently considering staff recommendations to establish uniform fiduciary duties under the securities laws for advisers and brokers. While the Department and the SEC are committed to ensuring that any future fiduciary requirements applicable to investment advisers and broker-dealers under the applicable laws are properly harmonized, the Department is also committed to upholding the separate federal protections that Congress established in 1974 for plans, plan participants, and IRAs under ERISA and the tax code.
The Department also plans to harmonize its fiduciary regulation with the CFTC's and SEC's proposed business conduct standards for swap dealers. The Department does not seek to impose ERISA fiduciary obligations on persons who are merely counterparties to plans in arm's length commercial transactions. Parties to such transactions routinely make representations to their counterparties about the value and benefits of proposed deals, without purporting to be impartial investment advisers or giving their counterparties a reasonable expectation of a relationship of trust. Accordingly, the Department's proposed regulation provides that a counterparty will not be treated as a fiduciary if it can demonstrate that the recipient of advice knows or should know that the counterparty is providing recommendations in its capacity as a purchaser or seller.
Costs and Unintended Consequences for IRAs Many comments also raised concerns about the proposed regulation's impact on IRAs and questioned whether the Department had adequately considered possible negative impacts. Similar concerns were voiced by other stakeholders, especially those providing advice in connection with brokerage services. Some stakeholders have provided their own estimates of high costs and other major negative impacts.
The stated concerns can be summarized as follows:
Today a large proportion of IRAs, especially smaller accounts, are brokerage accounts. Brokers often advise the IRA holders, and are compensated for that advice by means of commissions paid for trades and often by third parties, as with revenue sharing and 12b-1 mutual fund fees. Though the brokers give advice, they typically contend that they are not fiduciaries under the Department's existing rule because they disclaim any understanding that their advice might constitute a primary basis for the IRA holders' investment decisions.20
The proposed rule would make brokers fiduciaries because IRA holders will at least "consider" their advice. As fiduciaries, the brokers could not accept commissions or revenue sharing payments. To do so would constitute fiduciary self-dealing, a prohibited transaction, and would trigger a requirement to return the commissions or payments to their sources and to pay an excise tax.
Brokers therefore would be forced to restructure their compensation as "wrap fees" expressed as a percentage of assets in the account. Receipt of wrap fees in turn would force the advisers to register and conduct their business as registered investment advisors (RIAs) under the Investment Advisers Act of 1940. IRAs would have to be converted from brokerage accounts to either advisory accounts (which cost more and deliver more service than most IRA holders want) or internet-based discount brokerage accounts (which offer no personalized advice), or be closed. Advisory accounts require high minimum balances so small accounts would lose all access to advice and many would be closed.
The result will be dramatically higher fees and widespread distributions from small accounts, both of which will undermine retirement security.
There will be no benefits to offset these costs and other negative impacts. There is no evidence that the quality of advice currently is diminished by the conflicts that are present, so there is no reason that the proposed regulation will improve advice.
IRAs should not be treated like plans. They are retail accounts and should be treated like other retail accounts. IRA holders do not require as much protection as plan participants because they have unlimited choice of vendors and products and are therefore empowered to secure quality services.
The Department will continue to carefully study these arguments. We have, however, the following observations on some of the comments.
We did not propose to force brokers to eliminate commission-based fee arrangements, restructure all of their compensation as wrap fees, or convert all brokerage IRAs to advisory accounts. Exemptions already on the books authorize brokers who provide fiduciary advice to be compensated by commission for trading the types of securities and funds that make up the large majority of IRA assets today. We will attempt to provide this clarification in a more formal manner as we proceed in this process.
The Department is considering providing interpretive guidance to make this clear, as well as issuing additional exemptions. Such additional exemptions might cover, for example, revenue sharing arrangements that are beneficial to plan participants and IRA holders, and/or so-called "principal" transactions, wherein a fiduciary adviser, rather than acting as an agent, itself buys an asset from or sells an asset to an advised IRA. Such exemptions would carry appropriate conditions to protect plan participants' and IRA holders' interests.
The Department believes there is strong evidence that unmitigated conflicts cause substantial harm, and therefore is confident that the proposed fiduciary regulation would combat such conflicts and thus deliver significant benefits to plan participants and IRA holders. As noted above, this evidence is found in academic research, IRA underperformance, SEC examinations, and EBSA's own enforcement experience. While no single piece of evidence by itself directly demonstrates or provides a basis for quantifying the negative impact of conflicts on plans and IRAs, taken together the available evidence appears to indicate that the negative impacts are present and often times large. Plans, plan participants, and IRA holders will benefit from advice that is impartial and puts their interests first.
The tax code itself treats IRAs differently from other retail accounts, bestowing favorable tax treatment, and prohibiting self-dealing by persons providing investment advice for a fee. In these respects, and in terms of societal purpose, IRAs are more like plans than like other retail accounts. Most IRA assets today are attributable to rollovers from plans.21 The statutory definition of fiduciary investment advice is the same for IRAs and plans. The proposed regulation therefore sensibly set forth a single consistent definition, addressing practical differences between the two by tailoring exemptions accordingly. As for the level of protection that is appropriate, while IRA holders have more choice, they may nonetheless require more protection. Unlike plan participants, IRA holders do not have the benefit of a plan fiduciary, usually their employer, to represent their interests in dealing with advisers. They cannot sue fiduciary advisers under ERISA for losses arising from fiduciary breaches, nor can the Department sue on their behalf. Compared to those with plan accounts, IRA holders have larger account balances and are more likely to be elderly. For all of these reasons, combating conflicts among advisers to IRAs is at least as important as combating those among advisers to plans.
The Department believes that the assessment of economic impacts it provided with the proposed rule provided an economic basis for the proposal. I agree, however, that a fuller analysis is called for at this point, and we are undertaking such an analysis now. The expanded analysis will be informed by all relevant stakeholder input, as well as by our consultations with other federal agencies, and will be provided along with any final regulation pursuant to applicable requirements.
Appraisals and valuations Another issue raised by stakeholders relates to whether the valuation of employer securities should constitute "investment advice" as the proposed regulation would require. Although the current regulation includes advice as to the value of securities within the term "investment advice," a 1976 advisory opinion issued by the Department took the position that advice to an ESOP on the value of employer securities would not be so treated. A number of witnesses at our hearing on this proposed rule testified that the proposal would cause many qualified appraisers to discontinue ESOP valuations and would significantly increase costs of appraisals for small businesses that sponsor ESOPs. It is the Department's opinion that, in many instances, the most important investment advice to a plan concerns how much to pay for an asset. In the case of closely-held companies, ESOP trustees typically rely on professional appraisers and advisers to value the stock, often with little or no negotiation over price. Unfortunately, in our investigations and enforcement actions, the Department has seen many instances of improper ESOP appraisals often involving most or all of a plan's assets resulting in millions of dollars in losses. Accordingly, we believe that employers and participants will benefit from being able to rely on professional impartial advice that adheres to the fundamental fiduciary duties of prudence and loyalty. However, we will continue to work with stakeholders to structure a rule that adheres to these duties but does not cause unnecessary harm or cost to small businesses.
Distinguishing Education from Advice A number of witnesses expressed confusion over how the proposed regulation will impact participant investor education. There were concerns about what will be considered financial literacy and education and what will be considered investment advice under the proposed regulation. In particular, there were concerns that the proposal appears to significantly reduce what constitutes financial education and raises the question as to whether Interpretive Bulletin 96-1 (IB 96-1) is still in effect. The Department believes education is important for plans and plan participants. Under the proposed regulation, employers who provide general financial/investment information, such as a recommendation on asset allocation to 401(k) participants under IB 96-1, would not be considered fiduciaries under the new regulation. The Department also has general education resources available to plans and plan participants.
Next Steps
Our current approach to the fiduciary regulation consists of multiple steps.
First, we are working to better understand how specific compensation arrangements would be affected by the proposed rule and whether clarifications of existing prohibited transactions exemptions would be appropriate. We have already begun to issue subregulatory guidance describing some of these clarifications and will continue to do so as necessary as we complete our analysis.
Next, as we further develop our thinking in this rulemaking, we are paying special attention to the two primary exceptions to fiduciary status under the proposed rule: (1) clarifying the difference between investment education that does not give rise to fiduciary status and fiduciary investment advice; and (2) clarifying the scope of the so-called "sellers' exception" under which sales activity is not fiduciary advice. In both cases, we will make sure to analyze and address the comments and concerns that were raised during our extensive public comment period.
Finally, we are exploring a range of appropriate regulatory options for moving forward, taking into consideration public comments submitted for the record, EBSA's economic analysis, and relevant academic research. In so doing, we are aiming to address conflicted investment advice while not unnecessarily disrupting existing compensation practices or business models.
Thank you for the opportunity to testify at this important hearing. The Department remains committed to protecting the security and growth of retirement benefits for America's workers, retirees, and their families.
1For estimates of the number of plans, see U.S. Department of Labor, Private Pension Plan Bulletin Abstract of 2008 Form 5500 Annual Reports (Dec. 2010), at http://www.dol.gov/ebsa/PDF/2008pensionplanbulletin.pdf. For asset estimates, EBSA projected ERISA covered pension assets based on the 2008 Form 5500 filings with the US Department of Labor (available at http://www.dol.gov/ebsa/publications/form5500dataresearch.html), and the Federal Reserve Board's Flow of Funds Accounts Z1 Release (available at http://www.federalreserve.gov/releases/z1/Current/).
3Federal Reserve Board, Flow of Funds Accounts of the United States, June 2011, at http://www.federalreserve.gov/releases/z1/Current/.
4Peter Brady et al., The U.S. Retirement Market, Third Quarter 2010, Investment Company Institute, Jan. 2011, at http://www.ici.org/pdf/ppr_11_retire_q3_10.pdf.
5The Department does not necessarily agree that the inclusion of such language in an agreement ensures that a broker is not a fiduciary under the existing regulation.
6Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi, Farrukh Suvankulov, Investor and Industry Perspectives on Investment Advisers and Broker-Dealers, RAND Institute for Civil Justice, commissioned by the U.S. Securities and Exchange Commission, 2008, at http://www.sec.gov/news/press/2008/2008-1_randiabdreport.pdf. 7U.S. Department of Labor, Private Pension Plan Bulletin Historical Tables and Graphs, (Dec. 2010), at http://www.dol.gov/ebsa/pdf/historicaltables.pdf.
8U.S. Department of Labor, Private Pension Plan Bulletin Abstract of 2008 Form 5500 Annual Reports, (Dec. 2010), at http://www.dol.gov/ebsa/PDF/2008pensionplanbulletin.PDF.
9U.S. Department of Labor, Private Pension Plan Bulletin Abstract of 1999 Form 5500 Annual Reports, Number 12, Summer 2004(Apr. 2008), at http://www.dol.gov/ebsa/PDF/1999pensionplanbulletin.PDF.
10Peter Brady et al., The U.S. Retirement Market, Third Quarter 2010, Investment Company Institute, Jan. 2011, at http://www.ici.org/pdf/ppr_11_retire_q3_10.pdf.
11Federal Reserve Board, Flow of Funds Accounts of the United States, June 2011, at http://www.federalreserve.gov/releases/z1/Current/; Peter Brady, Sarah Holden, and Erin Shon, "The U.S. Retirement Market, 2009," Investment Company Institute, Research Fundamentals, Vol. 19, No. 3, May 2010, at http://www.ici.org/pdf/fm-v19n3.pdf.
12Daniel Bergstresser et al., Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry, The Review of Financial Studies, 22, no. 10, Oct. 2009.
13Ralph, Bluethgen et al., High Quality Investment Advice Wanted! , SSRN Working Paper Series, Feb. 2008, at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1102445&http://scholar.google.com/scholar?cluster=10674815933415125485&hl=en&as_sdt=0,9.
14Don Moore et al., Conflict of Interest and the Unconscious Intrusion of Bias, Judgment and Decision Making, Vol. 5, No. 1, Feb. 2010.
15George Loewenstein et al., Pitfalls and Potential of Disclosing Conflicts of Interest, American Economic Review, forthcoming May 2011.
16EBSA's estimation approach was inspired by similar findings in an article using older data, see Alicia H. Munnell et al., "Investment Returns: Defined Benefit vs. 401(k) Plans," Center for Retirement Research at Boston College, Issue Brief No. 52, Sep. 2006, p. 6.
17GAO, 401(k) Plans: Improved Regulation Could Better Protect Participants from Conflicts of Interest, Report to the Ranking Member, Committee on Education and the Workforce, House of Representatives, GAO-11-119 (Jan. 2011).
18Securities and Exchange Commission, Office of Compliance Inspections and Examinations, Protecting Senior Investors: Report of Examinations of Securities Firms Providing "Free Lunch" Sales Seminars, Sep. 2007, at http://www.sec.gov/spotlight/seniors/freelunchreport.pdf.
19The proposed regulation would also supersede the conclusion set forth in Advisory Opinion 76-65A (June 7, 1976), where the Department held that the valuation of closely-held employer securities that an ESOP would rely on in purchasing the securities would not constitute investment advice under the regulation.
20As noted above, the Department does not necessarily agree that the inclusion of such language in an IRA agreement ensures that a broker is not a fiduciary under the existing regulation.
21Peter Brady, Sarah Holden, and Erin Shon, The U.S. Retirement Market, 2009, Investment Company Institute, Research Fundamentals, Vol. 19, No. 3, May 2010, at http://www.ici.org/pdf/fm-v19n3.pdf.


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A great garage with excellent customer service. I brought my 1990 Range Rover along with a replacement exhaust all boxed up ready to be put on, these guys did a great job and worked around me in terms of looking after the car until I could collect it. Explained everything on the phone, were very thorough - couldn't recommend them enough! Great little gem in London.
Very good service
Loved the service received. Will recommend to friends.
Friendly and very helpful definitely would recommend to anyone else and will use for future works
Mike carried out a full assessment and recovery. Fault with engine mount and timing belt repaired and maintenance on other reported faults carried out. I highly recommend.
I want to thank Michael Morrison, the owner for all the help offered me and for the great job done! He was the only one who accepted the job in the website whocanfixmycar.com , and he fixed my car in the same day. He didn't take advantage that everyone. and he didn't charge me on excess. I only paid the labour job) and a very low rate for work.I strongly recomend SPHYNX VEHICLE REPAIRS to all vehicle owners who need to fix their car, I found SVR from Who Can Fix My Car site. Well done everyone especially Michael Morrison! Thank you very much! You are the best!
Fast service no problems
Excellent service. Recommended.
I would definitely recommend this garage - excellent service! Thanks!
Excellent garage, will definitely use again and recommend to all. Very helpful and great customer service. Thank you!
Good service


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Hey guys, I'm new to calling geese. I have always carried a goose call for the heck of it when duck hunting, but dont really know what to do with it. I know a flute is not as versatile as a short reed but what sounds can I make with it besides your basic honk, and how do I make these sounds. I also own a short reed but can hardly make a sound with it. any help is appreciated.
Thanks Fellas


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Recent research, including swab testing wheelie bins, shows a dramatic rise in dangerous organisms living in bins. These organisms include e.coli, salmonella and staphylococcus aureus (the cause of gastroenteritis).
Even more alarming was the finding that in bins not emptied for 2 weeks, the level of bacteria was over 8,000 times over the 'healthy' level.
Contributing factors include sun exposure, high temperatures and bins not being cleaned. The research also raises questions over the impact on workers emptying bins as well on the environment from run off*.
*source Internet


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Tip: Put a + in front of words that must be included. To search for Monster Hunter and only receive results with both words, use +Monster +Hunter
Beautiful! I loooooooove Yukito, and that's the first Touya I've seen! The pendants are so accurate!
i loved your skit! and your costumes! ahahah good job ^^
United States


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- {{matchup.date.fullday}}{{matchup.date.month + ' ' + matchup.date.day}}
Los Angeles Falls 107-88 to Suns - Recap
Goran Dragic went off for 26 points and added 1 rebounds leading Phoenix over Los Angeles, 107-88, on Monday at STAPLES Center.
Bettors who backed the Suns were also rewarded, as they covered the closing number as an underdog of 7.5 at sportsbooks. Over-Under bettors saw the total score go UNDER the closing total of 208.5.
Phoenix got 21 points from Gerald Green and another 12 points from Channing Frye. Goran Dragic contributed 8 assists, while Markieff Morris cleaned the glass with 12 rebounds.
Los Angeles got 15 points from Jamal Crawford in a losing cause and another 15 points from Blake Griffin. Chris Paul contributed 7 assists for the Clippers, while DeAndre Jordan had 19 rebounds.
First-half bettors who backed Phoenix were victorious, as the score was 61-40 at the break.
Los Angeles won the battle of the boards, outrebounding their counterparts 48-45.
Next game, Phoenix takes its act home to face Memphis looking for another win. For Los Angeles, they head home to face Charlotte.


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The Fox Launch Short Knee Pad offers the perfect knee pad for men, with great range of motion, exceptional quality, and secure strap design. The patented x-up strapping system means no more slipping around on your knee, and better protection in case of a fall. While you may avoid wearing less comfortable knee pads, leaving yourself at risk for injury, the Fox Launch pads feel like they''re not even there - that means you''ll wear them more often and be better protected. The short design means better range of motion, adding further to these great pads'' comfort and functionality.
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Critchley Hackle has just received the TripAdvisor Certificate of Excellence 2013.
This award, which honors excellence in hospitality, is only presented to establishments which are continually given outstanding reviews on TripAdvisor, the world's largest travel site.
These reviews assist with rating businesses throughout the world, and only 10% of the accommodations listed in TripAdvisor receive this prestigious award. To qualify for the Certificate of Excellence, businesses must maintain an overall rating of four or higher, as reviewed by travellers on TripAdvisor. Additional criteria include the volume of reviews received over the last 12 months.
"TripAdvisor is pleased to not only formalize the program on an ongoing basis, but also expand it to now cover attractions and restaurants, as well as accommodations," said Christine Petersen, president of TripAdvisor for Business. "The accolade gives exceptional businesses in a variety of different industries around the world the recognition they deserve. From top-rated restaurants in Boston to top-rated attractions in Barcelona, we want to applaud these businesses for offering TripAdvisor travelers a great customer experience."
With this being a difficult accolade to receive in the competitive travel industry, Critchley Hackle feels that this Certificate of Excellence proves as an opportunity to encourage travellers to consider a trip to Dullstroom to indulge in our luxurious accommodation, country cuisine and pampered service.
Critchley Hackle has 22 beautifully appointed rooms and suites. The hotel and its surrounding area is a great destination to relax and enjoy the tranquil setting with magnificent views.
To find more information about accommodation, weddings and conferences, visit our website.


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SNAP! Magazine SNAP! is a website dedicated to all the best things: music, style, art, the latest in culture and society and emerging talent from across the world
Oh swiggity - bomber jacket competition, open worldwide @pistolsatdawnlabel
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Football players by Brian Finke
Cheerleaders by Brian Finke - more at www.snapme.ca
Brian Finke captures "hip hop honeys," cheerleaders, football players and more at www.snapme.ca
#mytoyplane soars over the cityscapes of Macau and Hong Kong - more at www.snapme.ca
Another great shot from 1914 by Harry Wittier Frees. Original #lolcats ? See more at www.snapme.ca
Hilarious posed animal photos from 1914 - the first #lolcats ? See more at www.snapme.ca
The cover for the new single "Hawaii" from 6-piece Swedish band Humfree Bug Art, out April 23.
A lady makes teddy bears for her pet mouse - see more pics at www.snapme.ca
And a chihuahua fetus. More at www.snapme.ca
Paper cutouts by Peter Callesan. See the full series at www.snapme.ca


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Finski, what would you suggest for insulation? the other main reason our bees die is moisture. I'd like to insulate without creating a moisture problem. Jim
Finski, one of the main reasons our bees die in the winter is starvation.
Sometimes they can't move to another frame until it warms up a little. If the hive is full of honey then there should be honey where ever they move in the box. In most winters we have a few frames of honey left over in each living hive. .
what would you suggest for insulation? the other main reason our bees die is moisture. I'd like to insulate without creating a moisture problem. Jim
That also when you feed and don't feed makes a differnts.
Use screaned bottom boards knocks down the dampness in a hive fast.
Finsky, have you ever propped up the inner cover at all and if so, what did you find? .
I do not quite understand but is it a bigger gap between frames and inner cover?
No, it's just enough to let the condensation out
Since I started doing this, no problems.
Via what?
I don't understand that. I have no condensation problems either.I have warm hives and consumption of winterfood is from Semptember to end of April on average 20 kg sugar.No starvation problems.Nosema makes nuisance every winter. That I compensate with 20% extra hives.***************I learned moisture lesson when I lost 6 hives 40 years ago. None of these had upper entrance.Just now we have here -10C to -20C frost and sometimes a bad wind.
QuoteVia what?Just normal air movement from inside the hive.


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Supreme Golf makes a donation to the Susan G. Komen Breast Cancer Foundation with each purchase.
Supreme Golf
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pm sent
I've had this rifle for several years. Ran about 40 rounds through it. Feeds very good, with no miss fires. Will take regular H&K mags, or Cetme mags.
Comes with the Gun & parts in pictures, Will include 6 Cetme mags. The scope is a Weaver K4F 4X40.
Selling for $550.00, includes shipping.
Payment will be by USPMO or Paypal. If by paypal add 31/2%
Will ship to FFL dealer only.
Fist to state [I'LL TAKE IT] gets it.
jimmy t
Last edited by jimmy t; 04-28-2010 at 07:23 PM.
Your in my Mind, and in my Sights
Last edited by jimmy t; 04-28-2010 at 07:25 PM.
Your in my Mind, and in my Sights
It was that pink towel that sold it, hooks them every time.. B2B
the pink towel was not included should I have tried for it??
No No No, The pink towel is mine. You may look, but don't touch
Your in my Mind, and in my Sights
Dude, I would totally have asked for the towel. Possible seperation anxiety with the rifle seperate from the towel. Possible side effects: FTF, double feeds, hang fires, etc.
Some people are like Slinkies. Not really good for anything, but they still bring a smile to your face when you push them down a flight of stairs.


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While American Express is an advertising partner of HustlerMoneyBlog, the opinions and beliefs in this article are the author's alone and have not been reviewed, approved, or otherwise endorsed by the issuer.
The Business Green Rewards Card from American Express is offering 5,000 bonus Membership Rewards points after you make your first purchase. It is a charge card, which must be paid in full each month, hence there is no pre-set spending limit or finance charges. With the purchasing power that evolves with your business, you can cover more expenses while earning points that you can use to reinvest in your business. Card members are enrolled in Membership Rewards with points that can use to pay for travel, business expenses, Amazon.com purchases, and more. There is also a $0 introductory annual fee for the first year, then $95 for a full range of rewards and membership benefits.
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OH COME ON we know that's a Mary J. song. Chill. But as Mashable reports, Alicia Keys—collaborator of Drake, who H8s himself some Tumblr—has joined the microblogging network at thekeysofalicia.tumblr.com. Why?
Keys calls her Tumblr "an artistic representation of me, my art and my world."
"It allows me to give a fuller picture of my life," says the singer, "whether it's a song, working with a cast of a Broadway play or encouraging people to join the movement to end AIDS."
Funny, that's exactly why we use it.
Again, previously:
"I hate what Tumblr has become. Because it like, it reminds me of those clique-y girls in high school that used to make fun of everyone else and define what was cool, but in five years, when you all graduate, that shit doesn't matter. No one gives a fuck about that shit."
firstname.lastname@example.com | @weareyourfek


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Item description for Spiritual Realities Vol. 1: The Spiritual World and How We Access It (Spiritual Realities #1) by Harold R. Eberle...Overview
Harold R. Eberle has become known internationally as a teacher to the Body of Christ. Having traveled extensively and authoring several books, he has influenced leaders' lives all over the world. His passion is for the maturation of the Church. In this seven volume series, Harold explains the spiritual world from a Christian perspective. He deals with issues such as: * What exists in the spiritual world * How people access that realm * Discerning things in the spirit * Activities of witches, psychics and New Agers * The Christian perspective of holistic medicine * Spiritual impartations and influences between people * Out-of-the-body experiences * Interpretation of dreams * What the dead are experiencing * Angelic and demonic visitations * Understanding supernatural phenomena from a Biblical perspective Never before has such a profound set of teachings on this subject been released to the Body of Christ. Now you can have answers to the questions you always have wanted to ask.
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Written by Sarah Bergstrom, USC blog contributor
USC athletes are more than just champions on the field, court, diamond, and pool, they're champions in the classroom as well. Each week, we will get to know one of these scholarly Trojans a little better in our student-athlete spotlight.
Name: Kevin Swick
Year: Junior
Sport: Baseball
Position: Infield
Major: Business Finance
Sarah Bergstrom (SB): How much of a factor was academics in choosing to attend USC?
Kevin Swick (KS): I picked USC pretty much purely for academics. I was a walk-on my freshman year, so I came here primarily for the business school. Academics was a huge part of my decision to come here along with the fact that being a Trojan runs in my family, I'm a third generation Trojan.
SB: I read that you are president of the USC Value Investing Group...Explain what you do with that.
KS: It goes on during the school year. We travel to different stock competitions around the country and make stock pitches to real investment firms. It's been a great thing to be a part of. A lot of people mentored me when I was a freshman and sophomore and I've learned a lot of life lessons.
SB: Are other athletes involved?
KS: (laughs) No, I'm the only athlete.
SB: Has it been hard to maintain success on the field and in your classes?
KS: You kind of get into a routine. Freshman year was definitely hard but you figure it out after that. You definitely learn time management. Someone told me once that you can only do three things in college. I have baseball, school, and VIG. I've definitely had to give up some of the social aspects of college but that's okay with me. I absolutely love baseball and my academics.
SB: Speaking of balance, is it true that you played summer ball in Alaska and interned at an investment firm? How did you manage that?
KS: Yeah...I was busy. I interned at an asset management firm in Alaska called Permanent Capital Management. I would work from about 5 A.M. to 12 or 1 P.M. every day and then play baseball until it was dark. It was a lot of fun.
SB: Has any of your business knowledge helped you in baseball? Or vice versa?
KS: I think one thing is learning that what you put into something is what you get out of it. The more time and work you put into baseball the better the results, the same goes for investing. And I've definitely learned a ton from playing baseball. I've learned how to fail. You fail so much in baseball and in investing you fail a lot too. It's helped me learn how to manage that psychologically. Baseball has taught me not to make ridiculous risks when you lose, which is important in business.
SB: What is the best class you've taken here?
KS: Probably History of California or Valuation.
SB: History of California? A GE? Don't you learn about that in 4th grade?
KS: Yeah (laughs) it was actually super interesting! There was this Wall Street Journal reporter who wrote a piece following the lives of this illegal immigrant family who came from Mexico. I thought it was a great class.
SB: I also read that you volunteer on Skid Row. Is volunteerism an important part of your life?
KS: Absolutely. I really enjoy giving back. One day I hope to start something in the community that teaches basic economics in elementary schools. I've recently been working in nearby elementary schools and I learned that 50% of the kids I work with won't go to high school. That's crazy! I want to do something to help change that.
SB: What do you want your legacy to be when you leave USC?
KS: I want to be remembered as being a man for others. That I gave back to my team and helped the baseball program get back to where it used to be. And in terms of academics, I want to pay it forward. So many people helped and mentored me and I want to do the same.


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Cinco de Fly-o
Trip Start Mar 11, 2006
45Trip End Aug 01, 2006
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The only real excitement came when, on the prowl to try to exchange our pockets-full of soon-to-be-useless all kinds of foreign currency for dollars or rupees, and thinking that our plane wasn't to board for another half-hour, glancing at the monitor to see that it was leaving. NOW!
Racing back to the airport restaurant to gather our bags and the two others, we bolted through security and arrived frantic and panicked at the gate, only to soon realize that we'd glanced at the ARRIVALS monitor and not the DEPARTURES, with plenty of time to spare. We had a laugh and, exactly 30 minutes later, boarded our plane to the trickiest part of the day's journey.
Moral of the Story: As they say: Measure Twice/Run-around-like-a-loony Once