February 11, 2008 Filed Electronically Ivan Strasfeld Director, Office of Exemption Determinations Employee Benefits Security Administration Room N-5655 U.S. Department of Labor 200 Constitution Ave, NW Washington, DC 20210 Attn: Plan Fiduciary Class Exemption for Section 408(b)(2) Amendment Dear Director Strasfeld: 1The Investment Company Institute is pleased to comment on the Department’s proposed class exemption for plan fiduciaries for failures associated with the proposed regulation under ERISA 2section 408(b)(2). The exemption is an essential complement to the Department’s 408(b)(2) regulation. We have two suggestions on how the Department could improve the exemption by assuring that it provides sufficient relief. 1. The Department should expand the exemption to cover service providers that serve as conduits of information from other parties. Relief under the proposed class exemption is available only to plan fiduciaries and covers only transactions otherwise prohibited under ERISA section 406(a)(1)(C). No relief is provided to service providers who could be subject to a significant excise tax penalty under Internal Revenue Code section 4975. 1 The Investment Company Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). ICI seeks to ...