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
s) earned in connection with the transactions covered by the exemption.
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7.
67 FR 64137 (October 17, 2002).
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8.
See Advisory Opinion 2011-08A (June 21, 2011).
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9.
This proposal would move the definitions from Section I to Section VII. The other sections are re-ordered…
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 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
36.
FINRA Regulatory Notice 12-25, p. 3 (2012).
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37.
Donovan
v.
Mazzola,
716 F.2d 1226, 1232 (9th Cir. 1983).
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38. One commenter requested an adjustment to the “prudence” component of the Best Interest Standard, under which the standard would be that of a “prudent person serving cli…
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
d an exception from the conditions in Section III for the recapture of profits due to the benefits plans and IRAs would derive from such arrangements. Discretionary trustees were first permitted to rely on PTE 86-128 without meeting the Recapture of Profits provision pursuant to an amendment in 2002 (the 2002 Amendment…
87 FR 45204 — Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption) ERISAProposed Rules (FR)Proposed Jul 27, 2022
…m/see.html,
Year: 6/01/21-5/31/22): ($381 * 0.4) + ($468 * 0.35) + ($676 * 0.15) + ($764 * 0.1) = $494. The total cost associated with reviewing past exemptions is then (2 applications * 3 hours * $494 outside legal professional rate) = $2,964 (rounded). Therefore, the total cost associated with the additional require…
87 FR 56912 — Initial Regulatory Flexibility Analysis for Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption) ERISAProposed Rules (FR)Proposed Sep 16, 2022
…viction QPAMs
165
Additional Requirement-Prohibited Misconduct QPAMs
536
Rule Familiarization Costs
494
494
494
First Year Total Estimated Annual Cost
728
3,089
893
Subsequent Years Total Estimated Annual Cost 1
0
2,361
165
Notes:
Only quantifiable costs are displayed.
Additionally, two individual exemption application…
87 FR 73822 — Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights ERISAFinal Rules (FR)Dec 1, 2022
…lans considering ESG factors when selecting investments
Review of Plan Investment Practices
$91,510,494
$0.00
$612.84
$0.00
Total
91,510,494
0.00
612.84
0.00
Plans holding corporate stock, directly or through ERISA-covered intermediaries
Review of Proxy Voting Practices
39,019,523
0.00
612.84
0.00
Update Proxy Voting P…
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 …
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.
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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…
87 FR 14722 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications ERISAProposed Rules (FR)Proposed Mar 15, 2022
…l labor costs (wages plus benefits plus overhead) for outside legal staff was estimated to average $494.00 per hour.[8]
Therefore, the Department estimates that preparing the applications will require 1,144 in-house legal professional hours (22 applications times 52 hours) with an equivalent cost of $565,136. This esti…
85 FR 2292 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2020 ERISAFinal Rules (FR)Jan 15, 2020
…. § 1903.15(d)(1)
$132,598
$134,937.
§ 1903.15(d)(2)
$132,598
$134,937.
§ 1903.15(d)(3)
$13,260
$13,494.
§ 1903.15(d)(4)
$13,260
$13,494.
§ 1903.15(d)(5)
$13,260
$13,494.
§ 1903.15(d)(6)
$13,260
$13,494.
DEPARTMENT OF LABOR
Mine Safety and Health Administration
Title 30—Mineral Resources
PART 100—CRITERIA AND PROCEDURE…
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…
89 FR 5624 — Automatic Portability Transaction Regulations ERISAProposed Rules (FR)Proposed Jan 29, 2024
…
902,662
915,665
928,731
928,731
8,329,456
AP Transfers
397,749
519,606
630,585
699,159
724,418
766,494
809,360
817,864
839,779
824,156
7,029,170
Differences between the Baseline and Post-Rule:
Default IRAs
144,664
166,262
184,775
197,117
203,288
209,459
215,630
218,715
221,801
221,801
1,983,512
Accounts with AP
94,032…
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
…w of Past Exemptions
1,608
1,608
Exemption Application
25,861
25,861
Individual Exemption Notices
2,494
2,494
Total Estimated Annual Cost
6,762,827
758,588
Note:
Only quantifiable costs are displayed.
Transfers
If an asset manager cannot rely on the relief under the QPAM Exemption (
e.g.,
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
…n 408(a) and Code section 4975(c)(2).
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65.
See
Section VI(a) of PTE 84-14, 49 FR 9494, March 13, 1984, as amended at 70 FR 49305 (August 23, 2005) and as amended at 75 FR 38837 (July 6, 2010).
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66.
See
Section IV(c) of PTE 2006-16, 71 FR 63786 (Oct. 31, 2006).
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67.
D…
77 FR 5632 — Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAFinal Rules (FR)Feb 3, 2012related by meaning
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.
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…burden of approximately $0.6 million.[493]
The results in a total cost annual cost of $0.9 million.[494]
Costs Associated With Written Policies and Procedures for Financial Institutions
The time required to establish, maintain, and enforce written policies and procedures prudently designed to ensure compliance with the…
89 FR 43675 — Prohibited Transaction Exemption 2006-06 for Services Provided in Connection With the Termination of Abandoned Individual Account Plans ERISAFinal Rules (FR)May 17, 2024related by meaning
section 4975(c)(2) necessitate proposing an amendment to the exemption.
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26.
See 29 CFR 2578.1(d)(2)(v).
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27.
See Section I(a)(3) of this exemption amendment.
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28.
See
paragraph 29 CFR 2578.1(c)(3) of the QTA Regulation or in the case of a QTA described in Section …
90 FR 3667 — Prohibited Transaction Exemption (PTE) 2002-51 To Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program ERISAFinal Rules (FR)Jan 15, 2025related by meaning
C. Notwithstanding the foregoing and solely with respect to applicants seeking relief with respect to the VFC Program other than through the SCC, section IV.A. and IV.B. shall not apply to a transaction described in section I.A., provided that: (1) the applicant under the VFC Program has met all of the other applicable…
89 FR 32302 — Amendment to Prohibited Transaction Exemption 84-24 ERISAFinal Rules (FR)Apr 25, 2024related by meaning
sation” within the contemplation of section 408(b)(2) and 408(c)(2) of ERISA and section 4975(d)(2) and 4975(d)(10) of the Code.
( printed page 32339) If such total is in excess of “reasonable compensation,” the “amount involved” for purposes of the civil penalties of section 502(i) of ERISA and the excise taxes impose…