89 FR 5624 — Automatic Portability Transaction Regulations ERISAProposed Rules (FR)Proposed Jan 29, 2024
…4, rounded to $159.
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154. As of 2023, PSN estimated that their members represented 185,000 employer-sponsored retirement plans. (Portability Services Network,
A Retirement Industry-Led Utility,
(2023),
https://psn1.com/learning-center/about-psn/a-retirement-industry-led-utility.)
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15…
81 FR 21208 — Amendments to Class Exemptions 75-1, 77-4, 80-83 and 83-1 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.
Exemptions from Prohibitions Respecting Certain Classes of Transactions Involving Employee Benefit Plans and Certain Broker-Dealers, Reporting Deal…
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.
Back to Citation
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…
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…Prices Act
in 2018, though the Federal law did not resolve all transparency issues in drug pricing.[185]
While the legislative changes may have curtailed the practice, NARP data collection was discontinued after six months, which has made it difficult to continue monitoring the issue to assess whether it is still perva…
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
emption, the terms “party in interest,” “disqualified person” and “fiduciary” shall include such party in interest, disqualified
( printed page 76044) person, or fiduciary, and any affiliates thereof, and the term “affiliate” shall be defined in the same manner as that term is defined in 29 CFR 2510.3-21 and 26 CFR 54.…
80 FR 22035 — Proposed Amendments to Class Exemptions 75-1, 77-4, 80-83 and 83-1 ERISAProposed Rules (FR)Proposed Apr 20, 2015related by meaning
DC, this 14th day of April, 2015.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration, Department of Labor.
Footnotes
1. Code section 4975(c)(2) authorizes the Secretary of the Treasury to grant exemptions from the parallel prohibited transaction provisions of the Code. Reorganization Pla…
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
t. Life Ins. Co.
v.
Harris Trust & Sav. Bank,
510 U.S. 86, 98 (1993).
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40.
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 statute only if (1) the Federal statute does not specifically relate…
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 …
85 FR 59132 — Pension Benefit Statements-Lifetime Income Illustrations ERISAFinal Rules (FR)Sep 18, 2020
…$ Million]
Years
Total 1
Total 2
1
2
3
4
5
6
7
8 9
10
Panel A: One-Time Costs:
Development costs
$185
$185
$185
Transitional costs
1.2
1.2
1.2
Panel B: Ongoing Costs:
Costs associated with calls
10.9
4.8
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
36.0
32.1
Printing costs
0.14
0.13
0.11
0.10
0.09
0.08
0.08
0.07
0.06
0.06
0.84
0.…
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 87968 — Definition of “Employer”-Association Health Plans ERISAProposed Rules (FR)Proposed Dec 20, 2023
…ation
51.
804 F.2d 1059, 1064 (8th Cir. 1986) (emphasis added);
accord MDPhysicians,
957 F.2d 178, 185 (5th Cir. 1992).
Back to Citation
52.
See, e.g., MDPhysicians, supra
note 3, at 185-87 (holding that a MEWA that made health coverage available to “`employers at large' in the Texas panhandle” did not have sufficie…
89 FR 34106 — Definition of “Employer”-Association Health Plans ERISAFinal Rules (FR)Apr 30, 2024
…he interests of employer members); MDPhysicians & Assocs., Inc.
v.
State Bd. of Ins.,
957 F.2d 178, 185-86 (5th Cir. 1992) (consistent with the Department's pre-rule guidance, requiring that, to act in the interests of employer members, an organization must not be a commercial, “entrepreneurial venture” but must instea…
85 FR 82798 — Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees ERISAFinal Rules (FR)Dec 18, 2020
…aw, to any authorized employee of the Department and the Department of the Treasury, not to others.[185]
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
…ent or 5 percent of public equity exposure was replaced with private equity exposure, respectively.[185]
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…
88 FR 75979 — Proposed Amendment to Prohibited Transaction Exemption 2020-02 ERISAProposed Rules (FR)Proposed Nov 3, 2023related by meaning
utes] × $63.45 = $793.
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65.
5 U.S.C. 601
et seq.
Back to Citation
66.
5 U.S.C. 601(2), 603(a);
see5 U.S.C. 551.
Back to Citation
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 …
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…
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 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).
Back to Citation
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 …
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
tion.
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14.
67 FR 64137 (October 17, 2002).
Back to Citation
15.
See
Advisory Opinion 2011-08A (June 21, 2011).
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16. As noted above, for purposes of this amendment, the terms “Individual Retirement Account” or “IRA” mean any account or annuity described in Code section 4975(e)(1)(B) t…