81 FR 21181 — Amendment to and Partial Revocation of Prohibited Transaction Exemption (PTE) 86-128 for Securities Transactions Involving Employee Benefit Plans and Broker-De… ERISAFinal Rules (FR)Apr 8, 2016related by meaning
tion.
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14.
67 FR 64137 (October 17, 2002).
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15.
See
Advisory Opinion 2011-08A (June 21, 2011).
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16. As noted above, for purposes of this amendment, the terms “Individual Retirement Account” or “IRA” mean any account or annuity described in Code section 4975(e)(1)(B) t…
ERISAFinal Rules (FR)May 17, 2024
…on on the plan sponsor notice, and five minutes of an accountant's time at an hourly labor rate of $116.86 to review and sign the notice.[64] This results in approximately 223 hours of clerical staff time with an associated cost burden of $14,171 (223 hours × $63.45 per hour) and 112 hours of an accountant's time with …
80 FR 22021 — Proposed Amendment to and Proposed Partial Revocation of Prohibited Transaction Exemption (PTE) 86-128 for Securities Transactions Involving Employee Benefit P… ERISAProposed Rules (FR)Proposed Apr 20, 2015related by meaning
tes) and any related entity in connection with the transaction is reasonable in relation to the total services the person provides to the plan or IRA. The Department requests comment on the necessity of incorporating relief for related entities in PTE 86-128, and the approach taken in this proposal to do so.
V. The 200…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024★ strong match
two regimes cannot be harmonized or accommodated”).
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276.
John Hancock,
510 U.S. at 98.
Back to Citation
277.
Id.
Back to Citation 278.
See BancOklahoma Mortg. Corp.
v.
Capital Title Co., Inc.,
194 F.3d 1089 (10th Cir. 1999) (stating that McCarran-Ferguson Act bars the application of a Federal sta…
89 FR 32346 — Amendment to Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, and 86-128 ERISAFinal Rules (FR)Apr 25, 2024related by meaning
t. Life Ins. Co.
v.
Harris Trust & Sav. Bank,
510 U.S. 86, 98 (1993).
Back to Citation
40.
See BancOklahoma Mortg. Corp.
v.
Capital Title Co., Inc., 194 F.3d 1089 (10th Cir. 1999) (stating that McCarran-Ferguson Act bars the application of a Federal statute only if (1) the Federal statute does not specifically relate…
89 FR 23090 — Amendment to Prohibited Transaction Class Exemption 84-14 for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption) ERISAFinal Rules (FR)Apr 3, 2024
… by QPAMs Requesting an Individual Exemption—Section I(j) The Final Amendment retains Section I(j) [116]
from the Proposed Amendment, which provides that a QPAM that is ineligible or anticipates that it will become ineligible may apply for an individual exemption from the Department. This individual exemption would all…
88 FR 76032 — Proposed Amendment to Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, and 86-128 ERISAProposed Rules (FR)Proposed Nov 3, 2023related by meaning
b)(1), the Department is redesignating subsections IV(b)(2) and (3) as subsections IV(a)(1) and (2), respectively, and Section IV(c) as Section IV(b). The Department is proposing to revise the new Section IV(b) to read: “Recapture of profits. Sections III(a) and III(i) of this exemption do not apply in cases where the …
81 FR 21147 — Amendment to and Partial Revocation of Prohibited Transaction Exemption (PTE) 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Co… ERISAFinal Rules (FR)Apr 8, 2016related by meaning
tion
45.
15 U.S.C. 80b-11(g)(1).
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46.
See e.g., Fish
v.
GreatBanc Trust Company,
749 F.3d 671 (7th Cir. 2014).
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47. As a practical matter, one way for financial institutions to ensure that they can meet this burden is by implementing strong anti-conflict policies and procedures, and …
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
…ith approval.
Id.
at 402. Other courts have adhered to this principle.
See, e.g., Lopez
v.
Garland,
116 F.4th 1032, 1039 (9th Cir. 2024) (agency interpretation entitled to due respect when well-reasoned). And while the Fifth Circuit has questioned the continuing role of
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…anagement services have formed rebate aggregators or GPOs outside of the laws of the United States.[116]
The Department intends that any compensation received by these entities in connection with pharmacy benefit management services to a self-insured group health plan would be disclosed under the regulation.
77 FR 5632 — Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAFinal Rules (FR)Feb 3, 2012
…
286,000
Investment Disclosure
8,929,000
1,210,000
1,210,000
3,783,000
Update Investment Disclosure
116,000
116,000
116,000
116,000
Investment Disclosure Total
9,045,000
1,326,000
1,326,000
3,899,000
75 FR 41600 — Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAFinal Rules (FR)Jul 16, 2010
…rofessional hours
Total yearly cost
(A)
(B)
(C)
(D)
A*B*C
2011 Initial Disclosure
231,000
0.5
$63
116,000
$7,255,000
2012 Initial Disclosure
31,000
0.5
63
116,000
983,000
Disclosure of Changes
200,000
0.5
63
100,000
6,272,000
Total for 2011
7,255,000
Total for 2012
7,255,000
Note:
89 FR 5624 — Automatic Portability Transaction Regulations ERISAProposed Rules (FR)Proposed Jan 29, 2024
…ion requests at an hourly wage rate of $63.45 for clerical personnel, $128.11 for a top executive, $116.86 for an auditor, $132.93 for a plan fiduciary, $155.61 for a web designer, $159.34 for a legal professional, and $190.63 for a financial manager.[116]
6.2. Acknowledgement of Fiduciary Status
Pursuant to the statut…
ERISAProposed Rules (FR)Proposed Jul 21, 2016
… and Reportable Transactions) and Eliminate Schedule I
$57.6
535.4
115.1
114.6
$502
Schedule C
12.9
116.6
82.4
100.2
128
DFE Reporting Changes (Including changes to Schedule D)
−10.1
−94.2
61.1
8.9
−1,137
Schedule E
2.5
22.0
0.0
6.7
374
Completion of lines 1-5 on Form 5500 and lines 1-8 on Schedule J by fully insured G…
81 FR 21139 — Amendment to Prohibited Transaction Exemption (PTE) 75-1, Part V, Exemptions From Prohibitions Respecting Certain Classes of Transactions Involving Employee Be… ERISAFinal Rules (FR)Apr 8, 2016related by meaning
under section 4975 of the Code] is hereby transferred to the Secretary of Labor”).
Back to Citation
9.
29 CFR 2550.408b-2(e); 26 CFR 54.4975-6(a)(5). Back to Citation
10.
See
PTE 86-128, Exemption for Securities Transactions Involving Employee Benefit Plans and Broker-Dealers, 51 FR 41686 (November 18, 1986), as ame…
ERISACourt RulingsMay 28, 2014
…lores
indicated to him that the new requirements required a much more detailed breakdown. TR at
115-116. Because Wollheim had moved over from Morgan Stanley at the e nd of 2009, he had to
go back to that company to provide the year-end data. Id. Mr. Wollheim stated that his former
office staff and operations had been d…
89 FR 34106 — Definition of “Employer”-Association Health Plans ERISAFinal Rules (FR)Apr 30, 2024
…[115]
Another commenter urged the Department not to rescind the rule but rather work to improve it.[116]
81 FR 21089 — Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs ERISAFinal Rules (FR)Apr 8, 2016related by meaning
ption.
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60.
See, e.g.,
PTE 75-1, Part II, 40 FR 50845 (Oct. 31, 1975), as amended at 71 FR 5883 (Feb. 3, 2006).
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61. 29 CFR 2570.31(j).
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62.
The same commenter also requested clarification that an IRA owner will not be deemed to fail the Independence requirement simpl…
85 FR 55219 — Fiduciary Duties Regarding Proxy Voting and Shareholder Rights ERISAProposed Rules (FR)Proposed Sep 4, 2020
ontested elections for directors.
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105.
Research labor rate of $116.96/hr and documentation rate of $110.39/hr.
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106. $800m in cost savings due to a reduction in research costs (10 percent permitted practice cost savings × 0.5 hours × 139,973,458 votes × $116.96 per hour = $818,582,278…
81 FR 20946 — Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice ERISAFinal Rules (FR)Apr 8, 2016related by meaning
-21(d).
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48.
Reorganization Plan No. 4 of 1978 (5 U.S.C. App. (2000)).
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49.
Id. at section 102.
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50. Reorganization Plan, Message of the President.
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51.
See, e.g., Public Citizen
v.
Dep't of Health and Human Servs.,
332 F.3d 654, 668 (2003) (the ratif…