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).
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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…
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
ter
.
Description of the Proposed Revocation of PTE 75-1, Part I(b) and (c), and II(2), and Proposed Amendment to and Restatement of PTE 75-1, Part II Lastly, the Department proposes to revoke Part I(b) and I(c) of PTE 75-1, and Part II(2) of PTE 75-1. Part I(b) of PTE 75-1 provides relief from ERISA section 406 and th…
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
a principal transaction need the relief that is provided by PTE 75-1, Part II(2), and, if so, what conditions would be appropriate.
Part 75-1, Part V PTE 75-1, Part V permits a broker-dealer to extend credit to a plan or IRA in connection with the purchase or sale of securities. It originally did not permit the receip…
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…
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 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
ding PTE 86-128 by: (1) revising the exemption's “Recapture of Profits” exception; and (2) making certain technical corrections and editorial changes. The ERISA and Code provisions at issue generally prohibit fiduciaries with respect to employee benefit plans and IRAs from engaging in self-dealing in connection with tr…
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
75(e)(1) of the Code are included within the scope of relief provided by PTE 75-1 because it was issued jointly by the Department and the Service.
See PTE 2002-13, 67 FR 9483 (March 1, 2002) (preamble discussion). For simplicity and consistency with the other new exemptions and amendments to other existing exemptions p…
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 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
the writer's interest in the proposal. Comments received will be available for public inspection at the above address.
Proposed Amendment to PTE 84-24 Under section 408(a) of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and section 4975(c)(2) of the Internal Revenue Code of 1986, as amended (…
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).
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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…
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
…nformation.” (emphasis added)).
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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”).
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47.
89 FR 34106 — Definition of “Employer”-Association Health Plans ERISAFinal Rules (FR)Apr 30, 2024
… 1371 (11th Cir. 1982) (emphasis added).
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83.
Meredith
v.
Time Ins. Co.,
980 F.2d 352, 358 (5th Cir. 1993);
id.
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)
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]
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).
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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 21928 — Definition of the Term “Fiduciary”; Conflict of Interest Rule-Retirement Investment Advice ERISAProposed Rules (FR)Proposed Apr 20, 2015related by meaning
tment is proposing that PTE 86-128 extend to a new covered transaction, for fiduciaries who sell mutual fund shares out of their own inventory (
i.e., acting as principals, rather than agents) to plans and IRAs and to receive commissions for doing so. This transaction is currently the subject of another exemption, PTE …