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 (DOL) is seeking approval from the Office of Management and Budget (OMB) for an information collection request related to the definition of "plan assets" involving participant contributions to employee benefit plans. This request is being managed by the Employee Benefits Security Administration (EBSA) and is part of adhering to the Paperwork Reduction Act. The regulation details the timeframes within which contributions must become plan assets and outlines the requirements for employers who need an extension to meet these deadlines. The DOL invites public comments on various aspects of this information collection, including its necessity, utility, and potential burden on businesses.

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 is asking for public comments on an information collection request related to employee benefits laws. This request has been submitted to the Office of Management and Budget (OMB) for approval as per the Paperwork Reduction Act. Comments are due by February 16, 2021, and can be submitted through the regulations website. The department aims to ensure the collected information is useful, accurate, and not overly burdensome for respondents.

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 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 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 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.