The Department of Labor has granted an exemption to the Boilermakers Western States Apprenticeship Fund, allowing it to purchase a property in Page, Arizona, from Lodge 4, despite restrictions under the Employee Retirement Income Security Act of 1974 (ERISA). This decision was made to avoid the costs and time of relocating the Plan's training program and because the property is already modified for this purpose. An independent fiduciary will ensure that the property is bought at fair market value, adhering to all necessary conditions. The purchase will help maintain the training program and provide administrative space for the Plan's headquarters.
Simple Explanation
The Boilermakers Western States Apprenticeship Fund got special permission to buy a building from their friends at Lodge 4 so they can keep teaching there and not have to move everything. An independent person is making sure they pay the right price for it.