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
…tation
118. The hour burden is estimated as: (1 application × 3 hours) = 3 hours. A labor cost of $535.85 is applied for an outside legal professional. The equivalent cost is estimated as: (1 application × 3 hours × $535.85 outside legal professional labor) = $1,608 rounded to $1,600.
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119.
87 FR 4520…
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
of the Code and a health savings account described in section 223(d) of the Code.
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19.
Code section 4975(c)(2).
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20. Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley, Claude Berrebi, Farrukh Suvankulov, Investor and Industry Perspectives on Investment Advisers and Broker-Deal…
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
nancial institution, an insurance company, or a broker-dealer.
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8.
Cerulli Associates, “Retirement Markets 2015.”
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9. The Department initially proposed an amendment to its regulation defining a fiduciary within the meaning of ERISA section 3(21)(A)(ii) and Code section 4975(e)(3)(B) on…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…nt of defined contribution rollovers.[476] The Department estimates that 2.2 million rollovers and $535 billion in assets will be affected by the rollover disclosure in the amendments to PTE 2020-02.[477]
These figures are overestimates because they include some rollovers from non-ERISA plans and because they are based…
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
Section 408(b)(2)—Fee Disclosure, Final Rule, 77 FR 5632 (Feb. 3, 2012).
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12.
81 FR 21181, 21199 (Apr. 8, 2016).
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13. The Department has previously determined, after consulting with the Internal Revenue Service (the IRS), that plans described in 4975(e)(1) of the Code are included with…
81 FR 43430 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Catch-Up Adjustments ERISAFinal Rules (FR)Jul 1, 2016
…400 penalty by the inflation adjustment factor for 2001 of 1.33842, which resulted in a penalty of $535 (rounded to the nearest dollar).
89 FR 32302 — Amendment to Prohibited Transaction Exemption 84-24 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…t Producer and two hours for a legal professional at an insurer, resulting in an hour burden of 173,535 hours and an equivalent cost of $28.7 million.[106]
Table 14—Hour Burden and Equivalent Cost Associated With the Recordkeeping Requirement
Activity
Year 1
Subsequent years
Burden hours
Equivalent burden cost
Burden h…
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”).
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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…
89 FR 4662 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications ERISAFinal Rules (FR)Jan 24, 2024
…side legal professional takes to prepare the application by one hour per plan at a billing rate of $535.85 per hour.[32] This results in a per plan cost of $535.85 and a total annual cost increase of $11,253 for the 21 plans assumed to apply. Both the outside fiduciary and appraiser or other service provider are assume…
89 FR 32260 — Amendment to Prohibited Transaction Exemption 2020-02 ERISAFinal Rules (FR)Apr 25, 2024related by meaning
mmitment to regulatory compliance, as is critical to ensuring adherence to the conditions of this exemption including the Impartial Conduct Standards. By including this provision in the Final Amendment, the Department does not claim authority to impose taxes under the Code, and leaves responsibility for collecting the …
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
atio = 1.47 × (1,400,000/10,509,091) = 0.196 = 19.6 percent.
Proposed Revocation of Parts I(b), I(c) and II(2) of PTE 75-1 and Restatement of PTE 75-1 The Department is proposing to revoke Parts I(b), I(c) and II(2) of PTE 75-1. In connection with the proposed revocation of Part II(2), the Department is republishing Pa…
82 FR 5373 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2017 ERISAFinal Rules (FR)Jan 18, 2017
….302(c)(2)(i)
$134
$136.
§ 726.302(c)(2)(i)
268
272.
§ 726.302(c)(2)(i)
402
409.
§ 726.302(c)(2)(i)
535
544.
§ 726.302(c)(4)
August 1, 2016
January 13, 2017.
§ 726.302(c)(4)
$134
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).
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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…
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
nd in its text, PTE 2020-02 has been broadly amended to encompass compensation for advice irrespective of the product recommended.
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6. ERISA section 408(a) and Code section 4975(c)(2), expressly permit the Department (through the Reorganization Plan No. 4 of 1978) to grant “a conditional or uncondition…
80 FR 22010 — Proposed Amendment to and Proposed Partial Revocation of Prohibited Transaction Exemption (PTE) 84-24 for Certain Transactions Involving Insurance Agents and B… ERISAProposed Rules (FR)Proposed Apr 20, 2015related by meaning
the writer's interest in the proposal. Comments received will be available for public inspection at the above address.
Proposed Amendment to PTE 84-24 Under section 408(a) of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and section 4975(c)(2) of the Internal Revenue Code of 1986, as amended (…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…ords would take.
This results in a total annual cost of $4.5 million associated with recordkeeping.[535]
Summary of Total Cost for the Proposed Amendments to PTE 84-24
The Department estimates that in order to meet the additional conditions of the amended PTE 84-24, affected entities would incur a total cost of $18.1 m…
85 FR 55219 — Fiduciary Duties Regarding Proxy Voting and Shareholder Rights ERISAProposed Rules (FR)Proposed Sep 4, 2020
…on costs, excluding cost savings that could occur if the permitted practices are used, could reach $535,217,964. The cost savings from the permitted practices are discussed later. However, the Department fully expects that most of these potential costs will not be realized, because plans will use the permitted practice…
ERISAProposed Rules (FR)Proposed Jul 21, 2016
…ncluding changes to Schedules of Assets 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 lin…
77 FR 5632 — Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAFinal Rules (FR)Feb 3, 2012★ strong match
efinitions related to plans subject to the prohibited transaction and excise tax provisions in Code section 4975.
See
Code section 4975(e)(1) and (g). Back to Citation
37.
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…