ERISACourt RulingsAug 25, 1995related by meaning
which there was no exemption. By
engaging in a prohibited transaction for which there is no
exception, AMCI is liable for the penalty imposed by ERISA §502(i), 29 U.S.C. § 1132(i). By engaging in a
prohibited transaction for which there is no exception, Taggart
is liable for the penalty imposed by ERISA § 502(i), 29
U.…
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
proposal and updated economic analysis. The first proposed amendment to the rule was withdrawn on April 20, 2015,
see80 FR 21927.
Back to Citation
10. Subsequent to the issuance of these regulations, Reorganization Plan No. 4 of 1978, 5 U.S.C. App. (2010), divided rulemaking and interpretive authority between the Secr…
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).
Back to Citation
46.
See e.g., Fish
v.
GreatBanc Trust Company,
749 F.3d 671 (7th Cir. 2014).
Back to Citation
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 9213 — Requirement To Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors ERISAProposed Rules (FR)Proposed Feb 25, 2026
…e Providers)
3,552 Service Providers
1
$181.06
3,552
643,125
Notice Preparation (In-House)
29,971 = 299,712 Plans × 10% Not Using a Service Provider
1
181.06
29,971
5,426,592
Adding Contact and Plan Information to Drafted Notices
269,741 = 299,712 Plans × 90% Using a Service Provider
5/60
70.29
22,478
1,580,009
Total
5…
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…e findings are consistent with other research indicating increased health risks from non-adherence.[299]
Additionally, health-related quality of life data from MEPS indicates that adherence is also associated with significantly higher health-related quality of life scores for both mental and physical health.[300]
To as…
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
…aw is to hinder its operation or “frustrate [a] goal of that law.”
Humana Inc. V. Forsyth,
525 U.S. 299, 308 (1999).
Back to Citation
279.
West Virginia
v.
EPA,
597 U.S. 697, 721 (2022).
Back to Citation
280.
Id.
at 723.
Back to Citation
281.
W. Va.,
597 U.S. at 725, 730;
Whitman
v.
Am. Trucking Ass'ns, Inc.,
531…
89 FR 32346 — Amendment to Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, and 86-128 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…aw is to hinder its operation or “frustrate [a] goal of that law.”
Humana Inc.
v.
Forsyth,
525 U.S. 299, 308 (1999).
Back to Citation
41.
Reorganization Plan No. 4 of 1978 (5 U.S.C. App. 1 (2018)) generally transferred the authority of the Secretary of the Treasury to grant administrative exemptions under Code section…
89 FR 32302 — Amendment to Prohibited Transaction Exemption 84-24 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…aw is to hinder its operation or “frustrate [a] goal of that law.”
Humana Inc. V. Forsyth,
525 U.S. 299, 308 (1999).
Back to Citation
113.
89 FR 32260 — Amendment to Prohibited Transaction Exemption 2020-02 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…aw is to hinder its operation or “frustrate [a] goal of that law.”
Humana Inc. V. Forsyth,
525 U.S. 299, 308 (1999).
Back to Citation
106.
Reorganization Plan No. 4 of 1978 (5 U.S.C. App. 1 (2018)) generally transferred the authority of the Secretary of the Treasury to grant administrative exemptions under Code sectio…
87 FR 45204 — Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption) ERISAProposed Rules (FR)Proposed Jul 27, 2022
0.
Back to Citation
79.
Assuming that the average cost of an exemption audit would be $25,000, 118 QPAMs * $25,000 = $2,950,000.
Back to Citation
80. The burden is estimated as follows: (118 * 5 hours) + (118* 13 hours) + (118 * 6 hours) = 2,832 hours. A labor rate of $140.96 is used for legal counsel, a labor rate o…
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
…
In 2023 there were approximately 721,000 participant-directed individual account plans, with about 118 million total participants and more than $8.8 trillion in assets.[114]
The Department assumes that 85 percent of these plans, or about 613,000 plans, rely on service providers to guide the plan fiduciary.[115]
( prin…
85 FR 40834 — Improving Investment Advice for Workers & Retirees ERISAProposed Rules (FR)Proposed Jul 7, 2020★ strong match
…xemption.
SEC-Registered Investment Advisers (IAs)
As of December 2018, there were approximately 13,299 SEC-registered IAs [82]
and 17,268 state-registered IAs.[83]
An IA must register with the appropriate regulatory authorities, with the SEC or with state securities authorities. IAs registered with the SEC are general…
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
…01,956,000 effective as of the last day of the fiscal year ending no later than December 31, 2004, $118,912,000 effective as of the last day of the fiscal year ending no later than December 31, 2027, and $135,868,000 effective as of the last day of the fiscal year ending no later than December 31, 2030. In addition, th…
80 FR 22004 — Proposed Amendment to Prohibited Transaction Exemption (PTE) 75-1, Part V, Exemptions From Prohibitions Respecting Certain Classes of Transactions Involving Em… ERISAProposed Rules (FR)Proposed Apr 20, 2015related by meaning
to Citation
11.
See
Preamble to PTE 75-1, Part V, 40 FR 50845 (Oct. 31, 1975); ERISA Advisory Opinion 86-12A (March 19, 1986).
Back to Citation
12. Because of this limitation, the Department views it as unnecessary to condition this exemption on the fiduciary's adherence to the impartial conduct standards, including…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…otal of approximately 277,390 plans with service provider relationships with mutual fund companies.[299]
Thus, the Department estimates that 277,390 plans would be affected by the proposed amendments to PTE 77-4. The Department acknowledges that this estimate likely overestimates the number of plans affected by the pro…
85 FR 82798 — Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees ERISAFinal Rules (FR)Dec 18, 2020★ strong match
…xemption.
SEC-Registered Investment Advisers (IAs)
As of December 2018, there were approximately 13,299 SEC-registered IAs.[158]
Generally, an IA must register with the appropriate regulatory authorities—the SEC or state securities
( printed page 82850)
authorities.[159]
IAs registered with the SEC are generally larger…
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…
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).
Back to Citation
48.
Reorganization Plan No. 4 of 1978 (5 U.S.C. App. (2000)).
Back to Citation
49.
Id. at section 102.
Back to Citation
50. Reorganization Plan, Message of the President.
Back to Citation
51.
See, e.g., Public Citizen
v.
Dep't of Health and Human Servs.,
332 F.3d 654, 668 (2003) (the ratif…
84 FR 37508 — Definition of “Employer” Under Section 3(5) of ERISA-Association Retirement Plans and Other Multiple-Employer Plans ERISAFinal Rules (FR)Jul 31, 2019
…through their employers in 2018. According to Appendix Table 2, the survey represents approximately 118.1 million workers in 2018. Thus, the number of private industry workers without access to retirement plans through their employers is estimated to be approximately 38 million ((100%−68%) × 118.1 million).
Back to Cit…