89 FR 32260 — Amendment to Prohibited Transaction Exemption 2020-02 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…n on the
Notification of Proposed Class Exemption: Improving Advice for Workers & Retirees,
(August 2020).
Back to Citation
74.
For more information on the Department's consideration of banks and credit unions, refer to the Affected Entity section of the RIA in the Notice of Final Rulemaking published elsewhere in tod…
89 FR 32122 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAFinal Rules (FR)Apr 25, 2024
…nizes that the rulemaking may change the number of Financial Institutions who choose to rely on PTE 2020-02. Consistent with its initial analysis in 2020, the proposal assumed that all entities eligible to rely on the existing PTE 2020-02 were relying on it. However, one commenter indicated that some entities eligible …
88 FR 75979 — Proposed Amendment to Prohibited Transaction Exemption 2020-02 ERISAProposed Rules (FR)Proposed Nov 3, 2023★ strong match
…ce.[2] Parties that have been relying on those exemptions may choose to comply with the amended PTE 2020-02 instead. The Department requests comment on whether other or additional changes are needed to the scope of the exemption in light of the changes proposed elsewhere in this edition of the
Federal Register
.
Covere…
91 FR 9213 — Requirement To Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors ERISAProposed Rules (FR)Proposed Feb 25, 2026
…y continue to receive electronic disclosure under the 2002 safe harbor in the future. Regarding the 2020 safe harbor, the Department assumes that all plans that provided electronic disclosure prior to SECURE 2.0 will continue to use the 2020 safe harbor for some or all their participants. It should be noted that some p…
89 FR 32346 — Amendment to Prohibited Transaction Exemptions 75-1, 77-4, 80-83, 83-1, and 86-128 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…e proposed recordkeeping requirements applicable to Section VII of PTE 86-128. However, as with PTE 2020-02, the Department intends to monitor compliance with the exemption closely and may revisit whether expanding the recordkeeping requirement is appropriate in the future. Any future amendments would be preceded by no…
91 FR 13503 — Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur ERISAFinal Rules (FR)Mar 20, 2026
of Texas also stayed the effective date of the amendments to PTE 2020-02.[3]
( printed page 13504)
2. Litigation Related to Five-Part Test Regulation On December 18, 2020, the Department adopted PTE 2020-02, a prohibited transaction exemption under ERISA and the Code, permitting investment advice fiduciaries with resp…
85 FR 2292 — Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2020 ERISAFinal Rules (FR)Jan 15, 2020★ strong match
…
January 2, 2018 levels.
After November 2, 2015
After January 23, 2019 but on or before January 15, 2020
January 23, 2019 levels.
After November 2, 2015
After January 15, 2020
January 15, 2020 levels.
Civil Monetary Penalties for Other DOL Programs
Violations occurring
Penalty assessed
Which penalty level applies
On or…
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
… ordinary notice and comment rulemaking procedures for PTEs, pursuant to both the APA and 29 U.S.C. 1108. As noted elsewhere in the document, the Department is granting
85 FR 82798 — Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees ERISAFinal Rules (FR)Dec 18, 2020★ strong match
's review, the commenter's concern has been addressed.
Effective Date
The exemption is effective 60 days after its publication in the
Federal Register . This responds to several commenters who urged the Department to make the exemption available promptly. Some commenters requested that the exemption be effective immedi…
87 FR 73822 — Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights ERISAFinal Rules (FR)Dec 1, 2022
…ct. However, many comments on the NPRM agreed with the Department's assessment of the impact of the 2020 rule, noting the 2020 rule created confusion on whether ERISA fiduciaries should incorporate ESG factors into their decision-making and that this confusion created a chilling effect. One comment states that the 2020…
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
act me if you have any questions at [Insert Telephone Number of a Person Employed by the Applicant Who Is Knowledgeable About this Matter].
Sincerely, [Insert Name and Title of Person Employed by the Applicant]
Footnotes
1.
Under Reorganization Plan No. 4 of 1978, 5 U.S.C. App., the authority of the Secretary of Treas…
91 FR 46602 — Electronic Disclosure by Group Health Plans Under ERISA ERISAProposed Rules (FR)Proposed Jul 23, 2026
nefit Plans
On May 27, 2020, the Department issued Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA (2020 safe harbor).[20] The 2020 safe harbor amended part 2520 by adding 29 CFR 2520.104b-31, which provides an additional, optional method for compliance with ERISA's general standard for furn…
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…
ERISAFinal Rules (FR)Feb 24, 2023
…Citation
22. Employee Benefits Security Administration, Private Pension Plan Bulletin, Abstract of 2020 Form 5500 Annual Report (2020). The 2020 Form 5500 data set is the most recent available because Form 5500 filings for the 2020 reporting year generally are not required to be filed for calendar year plans until Jul…
86 FR 57272 — Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights ERISAProposed Rules (FR)Proposed Oct 14, 2021
…o Proxy Voting Advice,84 FR 47416 (Sept. 10, 2019) (“2019 Interpretation and Guidance”). In July of 2020, The SEC adopted amendments to 17 CFR 240.14a-1(l), 240.14a-2(b), and 240. 14a-9 (Rules 14a-1(l), 14a-2(b), and 14a-9) concerning proxy voting advice.
See Exemptions from the Proxy Rules for Proxy Voting Advice,85 F…
88 FR 76004 — Proposed Amendment to Prohibited Transaction Exemption 84-24 ERISAProposed Rules (FR)Proposed Nov 3, 2023
… and annuity contracts and the purchase and sale of securities issued by an investment company.
PTE 2020-02
When the Department finalized PTE 2020-02 in December 2020, the Department explained that insurance companies could rely on either PTE 2020-02 or PTE 84-24 regardless of whether they sell their products through c…
88 FR 75890 — Retirement Security Rule: Definition of an Investment Advice Fiduciary ERISAProposed Rules (FR)Proposed Nov 3, 2023
…pecifically regarding access to investment advice for all retirement investors.
No Amendment to PTE 2020-02
The Department considered not amending PTE 2020-02 and leaving the exemption in its present form. The Department supports the existing PTE 2020-02 and has retained its core components in the amendment, including …
89 FR 32302 — Amendment to Prohibited Transaction Exemption 84-24 ERISAFinal Rules (FR)Apr 25, 2024★ strong match
…comments the Department received on eligibility were combined with the comments submitted under PTE 2020-02 and were essentially the same. Those comments directly submitted under PTE 84-24 are also very similar to the comments under PTE 2020-02 regarding eligibility. For additional discussion of the comments received r…
91 FR 16088 — Fiduciary Duties in Selecting Designated Investment Alternatives ERISAProposed Rules (FR)Proposed Mar 31, 2026
… to Citation
102.
U.S. Dep't of Labor, Employee Benefits Security Admin., Information Letter 06-03-2020, (June 2020),
https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/information-letters/06-03-2020.
Back to Citation
103.
Id.
Back to Citation
104.
Id.
Back to Citation
105.
Risk Al…
88 FR 54511 — Request for Information-SECURE 2.0 Reporting and Disclosure ERISAProposed Rules (FR)Proposed Aug 11, 2023
arbor).[8]
The Department intends, therefore, to update
( printed page 54515)
the 2020 safe harbor as necessary to reflect these updates.
Question 19: What modifications or updates to the 2002 safe harbor are needed to implement section 338 of SECURE 2.0? Commenters are encouraged to consider whether any additional inf…