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
es may engage in covered transactions subject to the recapture of profits limitations in Section V(b) of the exemption.
VI. Recordkeeping Requirements A proposed new Section VI to PTE 86-128 would require the fiduciary engaging in a transaction covered by the exemption to maintain records necessary to enable certain pe…
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
s applicable solely to the proposed new covered transaction. The new Section IV incorporates conditions originally applicable to PTE 75-1, Part II(2). Specifically, the conditions applicable to the new covered transaction in Section I(b), as set forth in Section IV, are: (1) The fiduciary customarily sells securities f…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…orm 5500 data, the Department estimates that 1,011 pension consultants serve the retirement market.[352]
88 FR 75979 — Proposed Amendment to Prohibited Transaction Exemption 2020-02 ERISAProposed Rules (FR)Proposed Nov 3, 2023
…ent years
Activity
Burden hours
Equivalent
burden cost
Burden hours Equivalent
burden cost
Legal
10,352
$1,649,488
0
$0
Total
10,352
1,649,488
0
0
For the added requirement of a written statement informing the investor of their right to obtain a written description of the financial institution's policies and procedures…
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
ion under PTE 77-4. The Department requests comment on this proposed revocation, and also on how the remaining parts of PTE 75-1 Part II will be used. The Department is further proposing to revise the recordkeeping provisions of Section (e) of PTE 75-1, Part II. Section (e) currently provides that records demonstrating…
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
ection IV(c) may be presumed if the independent plan fiduciary permits the transaction to proceed after receipt of the written disclosure.
Legal Costs According to 2012 Annual Return/Report of Employee Benefit (Form 5500) data and Internal Revenue Service Statistics of Income data, the Department estimates that there a…
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…
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…continuing collections of information in accordance with the Paperwork Reduction Act of 1995 (PRA).[352]
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…some cases clarified aspects of the fiduciary duty of an investment adviser under the Advisers Act.[352]
The SEC stated that “an investment adviser's fiduciary duty under the Investment Advisers Act comprises both a duty of care and a duty of loyalty.” [353]
89 FR 5624 — Automatic Portability Transaction Regulations ERISAProposed Rules (FR)Proposed Jan 29, 2024
…by Discount Rate:
3 Percent
123
244
343
403
426
448
468
470
473
459
3,856
7 Percent
118
226
306
346
352
356
358
347
335
313
3,059
Table 5
B
—Value of Affected Accounts
[$ in millions]
Year
1
2
3
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
ed, a class exemption is applicable to a particular transaction only if the transaction satisfies the conditions specified in the class exemption; and (4) If granted, this amended class exemption will be supplemental to, and not in derogation of, any other provisions of ERISA and the Code, including statutory or admini…
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
…nformation.” (emphasis added)).
Back to Citation
46.
See, e.g., In re WorldCom, Inc. Sec. Litig.,
352 F. Supp. 2d 472, 478 n.3 (S.D.N.Y. 2005) (finding that the FASB is “the designated organization in the private sector for establishing standards of financial accounting and reporting”).
Back to Citation
47.
89 FR 34106 — Definition of “Employer”-Association Health Plans ERISAFinal Rules (FR)Apr 30, 2024
… 1371 (11th Cir. 1982) (emphasis added).
Back to Citation
83.
Meredith
v.
Time Ins. Co.,
980 F.2d 352, 358 (5th Cir. 1993);
id.
87 FR 70753 — Prohibited Transaction Exemption (PTE) 2002-51 To Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program ERISAProposed Rules (FR)Proposed Nov 21, 2022related by meaning
The proposed amendment to PTE 2002-51, if granted, would not extend to
( printed page 70757)
transactions prohibited under Code section 4975(c)(1)(F). (3) Before the proposed amendment is granted under Code section 4975(c)(2), the Department must find that the amendment is administratively feasible, in the interests of…
88 FR 87968 — Definition of “Employer”-Association Health Plans ERISAProposed Rules (FR)Proposed Dec 20, 2023
… 1371 (11th Cir. 1982) (emphasis added).
Back to Citation
70.
Meredith
v.
Time Ins. Co., 980 F.2d 352, 358 (5th Cir. 1993);
id.
(“When the employee and employer are one and the same, there is little need to regulate plan administration. . . . It would appear axiomatic that the employee-employer relationship is predic…
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
…mining what is meant by these oblique definitions of employer.”
Meredith
v.
Time Ins. Co.,
980 F.2d 352, 356 (5th Cir. 1993). The statutory lacunae have proven
( printed page 37511)
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
rty would be.
(c) The combined total of all fees and compensation received by the insurance agent or broker, pension consultant,
( printed page 21175) insurance company or investment company Principal Underwriter for their services does not exceed reasonable compensation within the meaning of ERISA section 408(b)(2) an…
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
…s (two preparations * 10 hours) resulting in 20 total hours at an equivalent cost of approximately $352.[23]
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.
Back to Citation
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…
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
he
Federal Register
for the factual basis for the certification.
General Information
The attention of interested persons is directed to the following: (1) The fact that a transaction is the subject of an exemption under Code section 4975(c)(2) does not relieve a fiduciary or other disqualified person with respect to a …