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 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 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 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 issued an amendment that extends the effective periods of Prohibited Transaction Exemptions (PTEs) for the Royal Bank of Canada and Northern Trust Corporation. These amendments allow certain entities to continue operations without disruption due to legal issues in France related to tax fraud convictions. The extension is until September 4, 2025, or until a final decision is made on their longer-term requests. Both RBC and Northern must adhere to specific conditions to utilize this extended relief.

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 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.

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 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 (DOL) is asking for public comments on a request to collect information related to Bank Collective Investment Funds under the Prohibited Transaction Class Exemption 1991-38. This information gathering is required to ensure that certain financial transactions involving employee benefit plans comply with the rules and are fair and transparent. The document highlights the importance of the collection, potential burden and cost, and welcomes suggestions for improvement. Comments can be submitted by April 28, 2025, and details on how to submit them are provided in the notice.