Search Results for agency_names:"Employee Benefits Security Administration"

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 the Treasury, Department of Labor, and Department of Health and Human Services have decided to withdraw their proposed rules concerning the coverage of preventive services under the Affordable Care Act. Initially published on October 28, 2024, these rules aimed to ensure coverage for recommended preventive services without cost-sharing, focusing significantly on contraceptive items for women. The withdrawal comes as the departments plan to prioritize other issues, although they may revisit preventive services in the future. The agencies emphasize that withdrawing these rules does not prevent them from making new proposals similar to the withdrawn ones.

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 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 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 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.