ERISACourt RulingsJun 26, 2013
…E of its option to file an Answer contesting the
penalty. (CX 16).
Undisputed Facts Relevant to the 2009 Plan Year
24. Plan 001 had more than 100 participants at the beginning of the 2009 plan year.
25. HOE filed its 2009 annual report on October 15, 2010, without an IQPA report. (CX
17).
26. On November 28, 2011, EBSA…
ERISACourt RulingsMay 28, 2014
…Mr. Wollheim worked for Morgan Stanley for
11.5 years before moving to Merri ll Lynch at the end of 2009. Id. When Mr. Wollheim moved to Merrill Lynch, most of the Golden Day Schools, Inc. assets transferred with him. Id.
Mr. Wollheim testified that in March or April 2011, Henry DeSpain contacted him about
certifying t…
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…
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
e use of the SCC and suggested that the Department should allow self-correctors to choose whether (a) to provide notice to interested persons (but
not to EBSA) or (b) make the plan contribution. After considering these comments, the Department has not made this change. Self-correctors have a streamlined procedure for s…
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…
75 FR 9360 — Investment Advice-Participants and Beneficiaries ERISAProposed Rules (FR)Proposed Mar 2, 2010
tional relief. As published, these rules were to be effective on March 23, 2009. On February 4, 2009, the Department published in the
Federal Register (74 FR 6007) an invitation for public comment on a proposed 60 day extension of the effective dates of the final rules in order to afford the Agency the opportunity to r…
82 FR 56545 — 18-Month Extension of Transition Period and Delay of Applicability Dates; Best Interest Contract Exemption (PTE 2016-01); Class Exemption for Principal Transac… ERISAFinal Rules (FR)Nov 29, 2017related by meaning
cluding a duty to fairly and accurately describe recommended transactions and compensation practices.[19]
Authority To Delay PTE Conditions/Amendments Some commenters questioned the Department's authority to delay the PTE conditions and amendments as proposed. They focused their arguments on section 705 of the APA (5 U…
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
an]. If the terms of the class exemption are met, [Insert Name of Applicant] will qualify for relief from the excise taxes that would otherwise apply. One of the requirements for excise tax relief is for [Insert Name of Applicant] to provide you with this notice so you have an opportunity to provide comments to EBSA ab…
89 FR 32260 — Amendment to Prohibited Transaction Exemption 2020-02 ERISAFinal Rules (FR)Apr 25, 2024related by meaning
to comply with protective conditions designed to ensure prudent advice and avoid the harmful impact of dangerous conflicts of interest.
Recordkeeping Section IV provides that the Financial Institution must maintain for a period of six years following the covered transaction records demonstrating compliance with this e…
78 FR 13797 — Ex Parte Cease and Desist and Summary Seizure Orders-Multiple Employer Welfare Arrangements ERISAFinal Rules (FR)Mar 1, 2013related by meaning
tent to deceive or defraud plans and their participants and beneficiaries or other actions that endanger the public welfare. As an example, in
U.S.
v. William Madison Worthy,
No. 7:11-cr-00487-HMH (D. S.C. 2011), Mr. Worthy, who owned the TPA providing services to the MEWA, pleaded guilty for diverting almost $1 millio…
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
failure to maintain the required records with respect to a given transaction or set of transactions does not affect the relief for other transactions. The Department has accepted these comments and made the requested revisions. Thus, the Department specifically clarified that “[f]ailure to maintain the required records…
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
…track the returns of a market index) generally outperformed actively managed funds. No. 3:06CV1494, 2009 WL 535779 (D. Conn. Mar. 3, 2009),
aff'd,
354 F. App'x 525 (2d Cir. 2009).
It is not surprising that ERISA contains no categorical restrictions on investment type. When Congress enacted ERISA, it did not require emp…
80 FR 5626 — Annual Funding Notice for Defined Benefit Plans ERISAFinal Rules (FR)Feb 2, 2015
…the PPA, the amendments to section 101(f) apply to plan years beginning after December 31, 2007.
In 2009, the Department issued Field Assistance Bulletin 2009-01 (FAB 2009-01) to provide interim guidance to plan administrators in discharging their obligations under the new annual funding notice requirements. FAB 2009-0…
89 FR 4662 — Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications ERISAFinal Rules (FR)Jan 24, 2024★ strong match
arties from the financial services industry and their attorney representatives, as well as independent fiduciaries and appraisers.
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9. The Department's RIA that is included in this Final Amendment was informed by comments that the Department received in response to its notice and comment solicitation i…
75 FR 8796 — Civil Penalties Under ERISA Section 502(c)(8) ERISAFinal Rules (FR)Feb 26, 2010
…ay, for its first plan year beginning during the period from October 1, 2008, through September 30, 2009, elect to keep its status for the plan year preceding such plan year for purposes of section 305 of ERISA and section 432 of the Code. For example, a plan that was not in endangered status for 2008 may elect to keep…
ERISAProposed Rules (FR)Proposed Nov 30, 2010★ strong match
…ncerning Target Date Funds.
Before the United States Senate Special Committee on Aging.
October 28, 2009.
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16.
Borzi, Phyllis. Testimony of Phyllis C. Borzi.
81 FR 47534 — Proposed Revision of Annual Information Return/Reports ERISAProposed Rules (FR)Proposed Jul 21, 2016
…roc. 2007-44, 2007-28 I.R.B. 54 (as modified by Rev. Proc. 2008-56, 2008-2 C.B. 826; and Rev. Proc. 2009-36, 2009-2 C.B.304); Notice 2009-97, 2009-2 C.B. 972; and Notice 2010-48, 2010-27 I.R.B. 9. The IRS added a similar question for individually-designed plans as to whether an individually designed plan received a fav…
75 FR 70625 — Annual Funding Notice for Defined Benefit Plans ERISAProposed Rules (FR)Proposed Nov 18, 2010
…ndments to section 101(f) apply to plan years beginning after December 31, 2007.[2] On February 10, 2009, the Department issued Field Assistance Bulletin 2009-01 (FAB 2009-01) as interim guidance under section 101(f) of ERISA in order to assist plan administrators in discharging their obligations under the new annual f…
82 FR 57664 — 18-Month Extension of Transition Period and Delay of Applicability Dates; Best Interest Contract Exemption (PTE 2016-01); Class Exemption for Principal Transac… ERISAFinal Rules (FR)Dec 7, 2017related by meaning
, correct footnote 66 to read “
See, e.g.,
Comment Letter #121 (HSBC North America Holdings Inc.); Comment Letter #124 (Morgan, Lewis & Bockius LLP).” 2. On page 56559, second column, add the following language to the end of Congressional Review Act discussion: “Although the CRA generally requires that major rules beco…
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…