VIA EMAIL e-ori@dol.gov March 31, 2004 Office of Regulations and Interpretations Employee Benefits Security Administration Room N-5669 U.S. Department of Labor 200 Constitution Avenue NW Washington, DC 20210 RE: Automatic Rollover Regulation Sir/Madam: The American Benefits Council (the “Council) appreciates the opportunity to comment on the Fiduciary Responsibility under the Employee Retirement Income Security Act of 1974 Automatic Rollover Safe Harbor Proposed Rule. The Council is a public policy organization representing principally Fortune 500 companies and other organizations that assist employers of all sizes in providing benefits to employees. Collectively, the Council’s members either sponsor directly or provide services to retirement and health plans that cover more than 100 million Americans. The Council commends the Department of Labor (DOL) for its efforts to provide comprehensive guidance to plan fiduciaries to facilitate automatic rollovers of accrued benefits between $1,000 and $5,000 to Individual Retirement Accounts (IRAs). However, the Council is concerned that limitations on the fees and expenses that can be charged to these IRAs will significantly limit the number of institutions willing to accept these accounts, especially from small plans (as explained below). In addition, the Council seeks further guidance on (1) default beneficiaries, (2) calculation of the amount of the distribution (to ...