Search Results for agency_names:"Employee Benefits Security Administration"

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 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 updated the Voluntary Fiduciary Correction Program (VFC Program) to simplify the process of correcting fiduciary breaches under the Employee Retirement Income Security Act (ERISA). These updates add a self-correction feature for common plan issues like late participant contributions, streamline procedures for program participation, and incorporate changes from the SECURE 2.0 Act allowing self-correction for certain participant loan failures. The goal is to make the program more user-friendly for employers and other plan fiduciaries, encouraging compliance with the law and avoiding potential civil penalties.

The Department of Labor's Employee Benefits Security Administration (EBSA) is inviting public comments on the continuation and extension of different information collection requests (ICRs) related to employee benefit plans. These ICRs cover various topics, including health plan enrollment notices, multiple employer welfare arrangements, and reporting procedures for top hat plans, among others. The public can submit their comments by March 7, 2025, and these comments will assist the Department in assessing the impact and effectiveness of these information requirements. The ICRs aim to help reduce the public's reporting burden and improve the understanding of the Department's data collection needs.

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 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 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 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 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.