Search Results for agency_names:"Employee Benefits Security Administration"

The Department of Labor has issued a notice regarding a proposed exemption for certain prohibited transaction restrictions relating to Goldman Sachs. This exemption, if granted, would allow certain entities affiliated with Goldman Sachs to continue engaging in activities normally restricted by the Employee Retirement Income Security Act (ERISA), despite Goldman Sachs Malaysia's conviction under the Foreign Corrupt Practices Act. The exemption is proposed to last five years, and public comments are invited until February 10, 2021. The measures aim to protect affected plans and ensure compliance with specific conditions during the exemption period.

The U.S. Department of Labor has announced an exemption allowing the United Brotherhood of Carpenters Pension Fund to sell a 19.25-acre property in Las Vegas to the United Brotherhood of Carpenters for cash. This decision was based on the finding that the sale to UBC would result in significantly higher net proceeds for the Pension Fund compared to selling the property to a third party. Following public input, the Department removed a proposed revenue-sharing condition but kept a "Clawback Condition" ensuring that if UBC resells the property within ten years for a profit, any excess proceeds must be given to the Pension Fund. The exemption ensures that the sale benefits the Pension Fund and its participants.

The Department of Labor is considering a proposed exemption that would allow Northern Trust Corporation and its affiliates to continue using a special legal exemption for certain financial transactions despite Northern Trust Fiduciary Services (NTFS) being convicted of aiding and abetting tax fraud in France. The proposed exemption would be in effect for five years and aims to prevent disruptions for pension plans and other financial entities relying on Northern's services. This proposal includes various safety measures to ensure Northern's operations remain lawful and in compliance with fiduciary duties, also detailing costly procedures and conditions to protect involved parties and maintain trust.

The Department of Labor has amended Prohibited Transaction Exemption (PTE) 2002-51, linked to the Voluntary Fiduciary Correction (VFC) Program, which aims to help correct breaches in fiduciary duties without facing penalties. These changes include a new self-correction feature allowing certain plan contributions to be fixed without filing a full application, and updates to improve notice procedures to interested parties while providing an appendix with a model notice. The amendment aims to make it easier and less expensive for employers to correct errors and comply with regulations under the VFC Program.

The Department of Labor has issued an exemption allowing the Memorial Sloan Kettering Cancer Center's pension plan to use a captive insurance subsidiary to reinsure pension risks. This exemption enables an increase in pension benefits for participants, provided certain conditions are met. The exemption aims to balance cost savings for the center with additional financial benefits for the plan's participants and beneficiaries. The arrangement includes strict oversight and compliance measures to ensure the participants’ benefits are secure.

The U.S. Department of Labor has announced a proposed exemption allowing certain asset managers affiliated with the Royal Bank of Canada (RBC) to continue managing retirement plans, despite a conviction against RBC's Bahamas division for aiding tax fraud in France. The exemption, if granted, would last from March 2025 to March 2030, provided RBC meets specific protective conditions. The decision is driven by the need to avoid disruptions and additional costs for retirement plan clients, as well as to maintain fair investment practices. Public comments on this proposal are invited before March 2025.

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.

The U.S. Department of Labor's Employee Benefits Security Administration granted an exemption allowing the Associated General Contractors of America, San Diego Chapter, Inc. to lease its training facility to its Apprenticeship and Training Fund under specific conditions. The agreement ensures the Plan pays fair market rent, verified by an independent fiduciary, and that the lease benefits participants by providing effective training facilities. The fiduciary also monitors compliance with the lease terms and any rent increases must adhere to changes in the Consumer Price Index. This exemption is designed to avoid conflicts with ERISA's prohibited transaction rules.

The Employee Benefits Security Administration of the U.S. Department of Labor has issued an exemption notice for UBS-managed Qualified Professional Asset Managers (UBS QPAMs). This exemption allows UBS QPAMs to rely on Prohibited Transaction Exemption 84-14 (PTE 84-14), despite past criminal convictions within the UBS and Credit Suisse corporate families. The exemption is valid from June 12, 2023, through June 11, 2029, provided UBS QPAMs adhere to specific conditions designed to ensure compliance with fiduciary standards and protect ERISA-covered plans and IRAs. This decision aims to shield plan participants and beneficiaries from potential financial harm while maintaining oversight over UBS QPAMs' activities.

The Department of Labor is considering a proposed exemption that would allow certain asset management affiliates of Deutsche Bank to not be barred from relying on a specific existing exemption, despite a past criminal conviction of a Deutsche Bank subsidiary. This exemption will only apply if the companies meet several conditions, such as not employing any individuals involved in the criminal conduct and maintaining strict compliance policies. This exemption aims to prevent disruptions for retirement and investment plans that use these affiliates, as losing the ability to use the exemption could lead to significant costs and disruptions for these plans. Public comments are being solicited to assess the potential benefits and costs of granting this exemption.