89 FR 43675 — Prohibited Transaction Exemption 2006-06 for Services Provided in Connection With the Termination of Abandoned Individual Account Plans ERISAFinal Rules (FR)May 17, 2024★ strong match
…mation collection requirements (ICRs) included in the December 12, 2012, proposed amendments to the 2006 regulations at 77 FR 74063 and the proposed amendments to the class exemption PTE 2006-06 at 77 FR 74055. At the same time, the Department also submitted the ICR to OMB in accordance with 44 U.S.C. 3507(d).
The amen…
29 C.F.R. § 2520.104b-3(b) — Summary of material modifications to the plan and changes in the information required to be included in the summary plan description. ERISARegulationsJan 1, 2017
(b) (b) The summary of material modifications to the plan or changes in information required to be included in the summary plan description need not be furnished separately if the changes or modifications are described in a timely summary plan description. For example, a calendar year plan adopts a material modificatio…
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.
Back to Citation
14.
67 FR 64137 (October 17, 2002).
Back to Citation
15.
See
Advisory Opinion 2011-08A (June 21, 2011).
Back to Citation
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
…1979).
Back to Citation
12.
40 FR 50845 (Oct. 31, 1975).
Back to Citation
13.
71 FR 5883 (Feb. 3, 2006).
Back to Citation
14.
69 FR 23216 (April 28, 2004).
Back to Citation
15.
DOL Office of Administrative Law Judges — USDOL, EMPLOYEE BENEFITS SECURITY ADMINISTRATION v. PLAN ADMINISTRATOR, WHITE MOUNTAIN APACHE TRIBE RETIREMENT SAVINGS AND 401(K) PROFIT SHARING PLAN ANNUAL RE… ERISACourt RulingsNov 30, 2016
…earing Order on August 19, 2015
set ting the hearing for December 14, 2015. EBSA filed a motion for summary decision on
November 13, 2015 seeking summary decision in its favor affirming the penalty assessed against
WMAT.
2
On February 12, 2016 , EBSA filed a Motion to Extend Trial Date seeking a stay of the
hearing unt…
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.
Back to Citation
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…
ERISACourt RulingsJun 26, 2013
. ( Id .).
Discussion and Applicable Law
Summary Decision Standard
In cases involving the assessment of civil penalties under § 502(c)(2) of ERISA, an administrative law judge may issue a final decision “[w]here no issue of material fact is found to
have been raised.”
6
The standard for summary decision under the Rules…
ERISARegulationsJan 1, 2017
…graphs (j) and (k) of this section. In addition to other required information, plans must include a summary of any plan provisions governing the authority of the plan sponsors or others to terminate the plan or amend or eliminate benefits under the plan and the circumstances, if any, under which the plan may be termina…
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…
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
…to Citation
5.
67 FR 15062 (March 28, 2002); 70 FR. 17516 (April 6, 2005); 71 FR. 20262 (April 19, 2006).
Back to Citation
6.
5 U.S.C. App. 252 (2020).
Back to Citation
7.
See 29 CFR 2510.3-102.
Back to Citation
8.
There is an exception to the three-year rule for certain service providers that are broker-dealers, …
ERISARegulationsJan 1, 2017
…ich no amendments have been made between the end of the time period covered by the last distributed summary plan description (or updated summary plan description), described in section 102 of the Act, and the next occurring applicable date described in paragraph (b)(1) of this section, for purposes of the requirement t…
89 FR 32260 — Amendment to Prohibited Transaction Exemption 2020-02 ERISAFinal Rules (FR)Apr 25, 2024related by meaning
as domestic crimes and are signs of potential serious compliance and integrity failures, whether prosecuted domestically or in foreign jurisdictions. The Department does not expect that questions regarding “substantially equivalent” will arise frequently, and even less so with the Final Amendment's use of the term “Co…
29 C.F.R. § 2520.104b-4(b) — Alternative methods of compliance for furnishing the summary plan description and summaries of material modifications of a pension plan to a retired participan… ERISARegulationsJan 1, 2017
(b) (b) Updated summary plan descriptions. A copy of an updated summary plan description need not be furnished as prescribed in section 104(b)(1) of the Act and § 2520.104b-2(b) to a retired participant, vested separated participant, or a beneficiary receiving benefits if—
(b)(1) (1)
(b)(1)(i) (i) On or after the date …
87 FR 45204 — Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption) ERISAProposed Rules (FR)Proposed Jul 27, 2022related by meaning
r desires to enter into a party in interest transaction with its plan but leaves the ultimate determination and review to a QPAM.
Back to Citation
37. Proposed Amendment to PTE 84-14, 68 FR 52419, 52423 (Sept. 3, 2003).
Back to Citation
38.
For purposes of these changes, the Department used March 1984 and December 20…
85 FR 31884 — Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA ERISAFinal Rules (FR)May 27, 2020
…res Electronically Due to the Final Rule
[million]
Disclosures
1st Year
2nd Year
3rd Year
10th Year
Summary Plan Description
16
16
17
19
Summary of Material Modification
14
15
15
17
Summary Annual Report
36
37
38
43
Annual Funding Notice
23
24
25
28
404(a)(5)/404(c) Disclosure
27
28
28
32
Annual QDIA Notice
14
14
15
17…
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
uld have been required for the January 1, 2018 applicability date, but is based on continued adherence to the Impartial Conduct Standards.”).
See also Comment Letter #82 (Standard Insurance Company and Standard Retirement Services, Inc.) (“we ask that The Department also extend the temporary enforcement policy providin…
ERISARegulationsApr 25, 2023
(d)(3) (3) Form for Summary Annual Report Relating to Pension Plans. Summary Annual Report for (Name of Plan)This is a summary of the annual report [insert as applicable either Form 5500 Annual Return/Report of Employee Benefit Plan or Form 5500-SF Annual Return/Report of Small Employee Benefit Plan] of [insert name of…
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
cessor to PTE 84-24).
Back to Citation
12.
15 U.S.C. 80a-2(a)(29).
Back to Citation
13.
Advisory Opinion 80-30A (May 21, 1980).
Back to Citation
14. PTE 84-24 also provides relief for: (1) The purchase, with plan assets, of an insurance or annuity contract from an insurance company which is a fiduciary or a service …
79 FR 13949 — Amendment Relating to Reasonable Contract or Arrangement Under Section 408(b)(2)-Fee Disclosure ERISAProposed Rules (FR)Proposed Mar 12, 2014
As discussed earlier in this preamble, commenters advocating for a summary stressed the need for medium and small plan fiduciaries to have a summary of the required disclosures to help them navigate through and analyze highly technical disclosures that are scattered throughout multiple documents. They argue that servic…
ERISADOL Technical ReleasesSep 13, 2011
…media in the manner prescribed by the regulation. See 29 CFR 2520.104b-1(c)(2)(ii). On December 20, 2006, the Department issued Field Assistance Bulletin 2006-03 (FAB 2006-03) to provide general guidance regarding good faith compliance with the changes made to the pension benefit statement provisions of section 105 of …