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…
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…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…h the rollover itself and the account being recommended are in the retail investor's best interest.[227]
SEC staff guidance recognizes that it would be difficult to have such a reasonable basis if, “you do not consider the alternative of leaving the retail investor's investments in their employer's plan, where that is …
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…
81 FR 21208 — Amendments to Class Exemptions 75-1, 77-4, 80-83 and 83-1 ERISAFinal Rules (FR)Apr 8, 2016related by meaning
st that a reasonable person would conclude could affect the exercise of its best judgment as a fiduciary in rendering advice to the plan or IRA owner. For purposes of this section, a fiduciary acts in the “Best Interest” of the plan or IRA when the fiduciary acts with the care, skill, prudence, and diligence under the …
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…
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
ent advice, as defined under ERISA and in a proposed regulation issued by the Department that is found elsewhere in this issue of the
Federal Register , from the covered transactions in each exemption and make certain other administrative changes. The Department is proposing these amendments on its own motion, pursuant…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…“backdoor regulation” of parties and transactions that the Department lacked authority to regulate.[227]
As reiterated elsewhere in this final rule, the Department carefully considered the Fifth Circuit's emphasis on relationships of trust and confidence in developing this rule. To further distinguish the careful and j…
85 FR 82798 — Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees ERISAFinal Rules (FR)Dec 18, 2020★ strong match
…ed under this exemption. Of these 1.8 million Retirement Investors, it is assumed that 8.1 percent [227]
or 141,636 Retirement Investors, will receive paper disclosures. Distributing paper disclosures is estimated to take a clerical professional one minute per disclosure, resulting in an hourly burden of 2,361 [228]
an…
85 FR 72934 — Registration Requirements for Pooled Plan Providers ERISAFinal Rules (FR)Nov 16, 2020
…providers report pooled employer plans beginning operation, 453 pooled plan providers * 0.50 hour = 227 hours. 227 hours * $165.63 = $37,598 3,233 * 0.06 = 453 pooled plan providers report pooled employer plans ending operation, 194 pooled plan providers * 0.50 hour = 977 hours. 97 hours * $165.63 = $16,060.
Back to Ci…
85 FR 54288 — Registration Requirements for Pooled Plan Providers ERISAProposed Rules (FR)Proposed Sep 1, 2020
…providers report pooled employer plans beginning operation, 453 pooled plan providers * 0.50 hour = 227 hours. 227 hours * $165.63 = $37,598 3,233 * 0.06 = 453 pooled plan providers report pooled employer plans ending operation, 194 pooled plan providers * 0.50 hour = 977 hours. 97 hours * $165.63 = $16,060.
Back to Ci…
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…of PBM functions under this model, leading to decreased efficiency and increased operational costs.[227]
88 FR 76004 — Proposed Amendment to Prohibited Transaction Exemption 84-24 ERISAProposed Rules (FR)Proposed Nov 3, 2023related by meaning
v
website), including as part of a comment responding to the broader proposed rule. Comments are due by January 2, 2024 to ensure their consideration. PRA Addressee:
Address requests for copies of the ICR to James Butikofer, Office of Research and Analysis, U.S. Department of Labor, Employee Benefits Security Administr…
ERISAProposed Rules (FR)Proposed Jul 21, 2016
…re/Non-Health
3.3
3.3
1.5
2.5
1.0
Form 5500-SF Small Pension and Non-Health Plans
622.4
622.4
205.8
227.3
21.5
Pension
621.8
621.8
205.6
227.0
21.4
Non-Health Welfare
0.7
0.7
0.2
0.2
0.0
Form 5500 Small Health
6.2
2,158.0
4.1
227.9
223.86
Fully Insured Health
0.0
1,869.0
0.0
69.6
69.6
Other Health
6.2
289.0
4.1
158.2
1…
85 FR 40589 — Conflict of Interest Rule-Retirement Investment Advice: Notice of Court Vacatur ERISAFinal Rules (FR)Jul 7, 2020related by meaning
6-02), as well as amendments to the following previously granted exemptions: PTEs 75-1; 77-4; 80-83; 83-1; 84-24; and 86-128 (collectively, the PTEs). On June 21, 2018, the United States Court of Appeals for the Fifth Circuit issued a judgment and mandate vacating the Fiduciary Rule, the new PTEs, and the amendments to…
87 FR 73822 — Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights ERISAFinal Rules (FR)Dec 1, 2022
…ignificant relationship between the gender or ethnic diversity of boards and financial performance.[227]
82 FR 7336 — Proposed Best Interest Contract Exemption for Insurance Intermediaries ERISAProposed Rules (FR)Proposed Jan 19, 2017
… a pre-transaction disclosure. Therefore, the Department estimates that plans and IRAs will receive 227,000 three-page pre-transaction disclosures during the second year and all subsequent years. The pre-transaction disclosures will be distributed electronically for 51.8 percent of the ERISA plan investors and 44.1 per…
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…
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…
ERISAFinal Rules (FR)Feb 24, 2023
…regate cost under final
(millions)
Aggregate cost change
(millions)
Large Plans
148.8
129.4
$261.2
$227.6
−$33.6
Small Plans
705.6
700.1
232.9
231.3
−1.5
DFEs
9.7
9.9
11.4
15.2
3.8
Form Changes
864.1
839.4
505.5
474.1
−31.4
Audit Cost Changes
−63.3
Total Changes
−94.7
Notes:
Some displayed numbers do not sum up to the …