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
the Department proposed to restrict relief to IRA fiduciaries with discretionary authority or control over the management of the IRA's assets (
i.e., investment managers) and to impose the exemption's protective conditions on investment management fiduciaries when they engage in transactions with IRAs. Finally, the De…
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…
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
tionary authority or control with respect to IRAs could continue to rely on PTE 86-128, as long as they comply with all of the exemption's conditions. The Department is also proposing certain technical changes to the exemption, including deleting subsection IV(b)(1), and redesignating remaining sections as needed. The …
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 …
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
ption.
Back to Citation
60.
See, e.g.,
PTE 75-1, Part II, 40 FR 50845 (Oct. 31, 1975), as amended at 71 FR 5883 (Feb. 3, 2006).
Back to Citation
61. 29 CFR 2570.31(j).
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62.
The same commenter also requested clarification that an IRA owner will not be deemed to fail the Independence requirement simpl…
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
duciary is providing or other actions it is taking in relation to a plan's or IRA owner's investment decisions is deemed to be a misleading statement. 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 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…er earnings, was more than 40 percent in 2005 but is projected to be only about 35 percent in 2025.[309]
Investment Advice and the 1975 Regulation
As the nature of retirement savings has changed since 1975, investment advice has also evolved. Commercial relationships between employment-based pension plan sponsors and i…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
….8 million IRA owners, 1.4 million, or approximately 2.1 percent, opened an IRA for the first time.[309]
The Department used this statistic to estimate that 2.1 percent of IRA accounts are new each year. The Department acknowledges that some IRA owners may have multiple IRAs, and as such, this statistic may underestima…
87 FR 73822 — Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights ERISAFinal Rules (FR)Dec 1, 2022
…in an estimate of approximately 32,600 small plans that will be affected by the amended provisions.[309]
The Department requested comment on this assumption in the NPRM but did not receive any comments.
91 FR 4348 — Improving Transparency Into Pharmacy Benefit Manager Fee Disclosure ERISAProposed Rules (FR)Proposed Jan 30, 2026
…307]
The Department uses an estimate for the value of a QALY (VQALY) of approximately $334,600,[308 309]
suggesting an average annual value of approximately $717.1 million from improvements to quality of life.[310]
These calculations and estimates are provided in Table 9 below.
( printed page 4399)
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
ntities than the current exemption may, among other consequences, open the door to privacy concerns, fishing expeditions, abuse, and unnecessary risk. After considering the comments, the Department has determined not to finalize the proposed condition that would have required the investment advice fiduciary not to have…
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 May 8, 2013
…ption? A Framing Explanation of the Under-Annuitization Puzzle,
American Economic Review 98(2): 304-309 (May 2008).
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3.
See comment no. 656 in response to the Department's Request for Information Regarding Lifetime Income Options for Participants and Beneficiaries in Retirement Plans. Comments are avai…
78 FR 13781 — Filings Required of Multiple Employer Welfare Arrangements and Certain Other Related Entities ERISAFinal Rules (FR)Mar 1, 2013
…he covered population from the Current Population Survey at employers with less than 500 workers (0.309 for single coverage and 0.217 for family coverage), the Department estimates that 62 percent of entities filing Form M-1 (258 entities) are small entities.
While this number is a relatively large fraction of all enti…
75 FR 41600 — Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAFinal Rules (FR)Jul 16, 2010
…,354,000
5,457,000
812,000
26,555,000
2018
4,611,000
14,349,000
5,100,000
759,000
24,818,000 2019
4,309,000
13,410,000
4,766,000
709,000
23,194,000
2020
4,027,000
12,533,000
4,454,000
663,000
21,677,000
Total with 7% Discounting
412,183,000
Total with 3% Discounting
462,827,000
Note:
The displayed numbers are rounded t…
ERISAProposed Rules (FR)Proposed Jul 21, 2016
…ements
(millions)
Aggregate
annual cost change
(millions)
Form 5500 Large Plans
148.5
148.5
$252.4
$309.3
$56.9
Pension/Large
75.1
75.1
141.2
174.6
33.5
Welfare/Large Health
47.9
47.9
91.7
114.2
22.5
Welfare/Large Non-Health
25.6
25.6
19.6
20.5
1.0
Form 5500 Small Pension and Non-Health Plans
29.7
29.7
14.4
38.3
23.9
P…
ERISAFinal Rules (FR)May 17, 2024
…48,809 (418 hours × $116.86 per hour). This results in an estimated labor cost of approximately $75,309 to produce the Final Notices.
( printed page 43654)
Based upon recent filing trends between QTAs and the Department, 100 percent of plans are expected to furnish the information electronically at de minimis cost.
6. …
75 FR 9360 — Investment Advice-Participants and Beneficiaries ERISAProposed Rules (FR)Proposed Mar 2, 2010related by meaning
ublic Law 109-280, 120 Stat. 780, 975 (2006).
2. Add § 2550.408g-1 to read as follows:
§ 2550.408g-1
Investment advice—participants and beneficiaries. (a) In general. (1) This section provides relief from the prohibitions of section 406 of the Employee Retirement Income Security Act of 1974, as amended (ERISA or the Ac…
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…
85 FR 81658 — Fiduciary Duties Regarding Proxy Voting and Shareholder Rights ERISAFinal Rules (FR)Dec 16, 2020
…sed for a lawyer. The cost burden is estimated as follows: (63,911 plans * 4 hours * $138.41) = $34,309,915.
Back to Citation
112.
29 CFR 2509.2016-01 (81 FR 95879, Dec. 29, 2016).
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113.
The burden is estimated as follows: 63,911 plans * 0.5 hours = 31,955.4 hours for both a plan fiduciary and clerica…