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 …
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…tor's favor by taking a broad approach to what constitutes investment advice and recommendations.” [360]
Simply put, requiring that only some investment advisers advising retirement investors adhere to an ERISA fiduciary standard promotes recommendations that are driven by differences in the regulatory regime rather th…
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
e authority of the Secretary of the Treasury to issue administrative exemptions under Code section 4975 to the Secretary of Labor.
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3. For purposes of this amendment, the terms “Individual Retirement Account” or “IRA” mean any trust, account or annuity described in Code section 4975(e)(1)(B) through (F…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…g on financial incentives to sell them; and that firms have not enhanced point of sale disclosures.[360]
The SEC began conducting limited scope broker-dealer examinations and risk-based inspections in June 2020 to assess whether firms established written policies and procedures to comply with Regulation Best Interest a…
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
dment is adopted, fiduciaries that exercise discretionary authority or control with respect to IRAs as described in Code section 4975(e)(3)(A) (
i.e., investment managers) will be required, among other things, to make the disclosures and receive approvals that are currently required by the exemption with respect to oth…
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…imates that the proposed rule would affect approximately 1,031,098 level-funded group health plans.[360]
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
… the plan.”
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7.
See generally Chamber of Commerce
v.
U.S. Dep't of Lab.,
885 F.3d 360 (5th Cir. 2018).
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8.
The Department made the Proposed Amendments to PTE 75-1 discussed below as part of its 2016 rulemaking that was overturned by the U.S. Court of Appeals for the Fifth Circuit.
See…
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…
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…
85 FR 40589 — Conflict of Interest Rule-Retirement Investment Advice: Notice of Court Vacatur ERISAFinal Rules (FR)Jul 7, 2020★ strong match
… new PTEs, and the amendments to the previously granted PTEs
in toto. Chamber of Commerce,
885 F.3d 360 (5th Cir. 2018); Mandate at 2,
Chamber,
885 F.3d 360 (No. 17-10238) (ECF No. 00514522178). The vacatur had the effect of reinstating the prior regulatory text,
i.e.,
the 1975 regulation [1]
(1975 Regulation), reinsta…
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…
85 FR 40834 — Improving Investment Advice for Workers & Retirees ERISAProposed Rules (FR)Proposed Jul 7, 2020★ strong match
…ack to Citation
5.
Chamber of Commerce of the United States
v.
U.S. Department of Labor,
885 F.3d 360 (5th Cir. 2018). Elsewhere in this issue of the
Federal Register
, the Department is publishing a technical amendment related to the decision.
Back to Citation
6.
88 FR 76004 — Proposed Amendment to Prohibited Transaction Exemption 84-24 ERISAProposed Rules (FR)Proposed Nov 3, 2023★ strong match
… written description. This results in an hour burden of 4,000 hours with an equivalent cost of $637,360 in the first year.[58]
Table 8—Hour Burden and Equivalent Cost Associated With the Written Statement of the Independent Producer's Material Conflicts of Interest
Activity
Year 1
Subsequent years
Burden hours
Equivale…
85 FR 82798 — Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees ERISAFinal Rules (FR)Dec 18, 2020
…ecial relationship of trust and confidence between the fiduciary and his client.”
Chamber,
885 F.3d 360, 364 (2018) (citation omitted). The same five-part test exists under the Code's regulations, based on an identical definition of
fiduciary
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…
ERISACourt RulingsAug 14, 2026
… member would be entitled to an individualized award of monetary damages.” Wal - Mart , 564 U.S. at 360–61. This is not to say,
however, that a member in a Rule 23(b)(2) class cannot receive
any monetary relief at all; rather, to the extent that the class
members receive such relief, it must be “incidental to the injun…
85 FR 81658 — Fiduciary Duties Regarding Proxy Voting and Shareholder Rights ERISAFinal Rules (FR)Dec 16, 2020
…990)”).
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57.
Fraternal Order of Police of Newark
v.
City of Newark,
170 F.3d 359, 360 (3d Cir. 1999) (“Because the Department makes exemptions from its policy for secular reasons and has not offered any substantial justification for refusing to provide similar treatment for officers who are required t…
88 FR 75979 — Proposed Amendment to Prohibited Transaction Exemption 2020-02 ERISAProposed Rules (FR)Proposed Nov 3, 2023★ strong match
utes] × $63.45 = $793.
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65.
5 U.S.C. 601
et seq.
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66.
5 U.S.C. 601(2), 603(a);
see5 U.S.C. 551.
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67. Public Law 104-4, 109 Stat. 48 (Mar. 22, 1995).
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68.
Reorganization Plan No. 4 of 1978 (5 U.S.C. App. 1 (2018)) generally transferred the authority of …
ERISARegulationsJan 1, 2017related by meaning
[Reserved]
ERISAFinal Rules (FR)May 17, 2024
…locate by QTAs)
$0
0
$8,442
335
$8,442
335
Notice to DOL (on plan abandonment/plan utilization)
0
1,360
0
1,563
0
2,924
Chapter 7 ERISA Plans (Court Order) (Trustee appt)
0
292
0
0
0