Search Results for keywords:"Employee Benefits Security Administration"

The Department of Labor (DOL) is asking for feedback on an information collection related to Prohibited Transaction Class Exemption 2002-12, which involves buying and selling securities between investment funds through passive or model-driven cross-trading programs. This request has been sent to the Office of Management and Budget (OMB) for approval under the Paperwork Reduction Act and comments will be accepted until April 28, 2025. The aim is to evaluate whether the information collection is necessary, accurate, and burdensome, and if there are ways to improve or simplify it. The OMB will determine if the collection can proceed, with approval lasting up to three years.

The Department of Labor is asking for public comments on an information collection request related to the acquisition and sale of Real Estate Investment Trust (REIT) shares by individual account plans. This request aims to ensure compliance with specific legal exemptions allowing certain transactions that would otherwise be prohibited. The public is invited to provide feedback on the necessity, accuracy, and methods of collecting the information by April 28, 2025. The information collection is under review for a potential three-year authorization by the Office of Management and Budget.

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 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 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 Department of Labor (DOL) is inviting public comments on an information collection request related to the Delinquent Filer Voluntary Compliance Program, which is being reviewed for approval by the Office of Management and Budget (OMB). This program allows plan administrators to pay reduced penalties if they voluntarily comply with annual reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA). The DOL is seeking authorization for this information collection for three years, targeting businesses and not-for-profit institutions. Comments must be submitted by February 16, 2021.

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 (DOL) is asking for public comments on a request for information about insurance company pooled separate accounts. This request is being submitted to the Office of Management and Budget (OMB) for approval as required by the Paperwork Reduction Act. The feedback is due by April 14, 2025, and aims to ensure that the collection of information is useful, accurate, and not too burdensome. PTE 90-1 is the specific rule involved, which provides certain exemptions from restrictions for transactions involving insurance company accounts.

The Department of Labor is requesting public comments on a proposed data collection related to the Genetic Information Nondiscrimination Act of 2008 (GINA). This proposal involves research exceptions for genetic testing within group health plans and insurance, ensuring that participation is voluntary and does not affect eligibility or benefits. The public can submit comments until April 30, 2025, via the specified website. The aim is to gather feedback on the necessity, accuracy, and burden of this data collection process.

The Department of Labor is requesting public comments on an information collection process related to a financial exemption that allows employee benefit plans to invest in mutual funds under specific conditions. This exemption requires banks or plan advisers to disclose details to independent fiduciaries before any asset transfers and provide regular updates afterward. Comments are being solicited on several aspects, including the need and practicality of the information collection, accuracy in estimating the associated burdens, and suggestions for improving the process. The Department seeks to maintain authorization for this collection for three years, during which it remains subject to review and approval by the Office of Management and Budget.