The Department of Labor’s Employee Benefits Security Administration on Monday issued a proposal that would update the procedures for filing and processing applications for exemptions from ERISA’s prohibited-transaction provisions.
The proposal, if adopted, would consolidate the existing policies and guidance on the exemption process under the Employee Retirement Income Security Act, and would clarify information and documentation required to submit a complete filing, expand the methods for transmitting filings to include electronic submissions, and make the exemptions more understandable for participants and other interested parties.
Among the proposed changes are a requirement that applicants provide interested people with a brief objective summary of complex transactions, the consolidation of exemption policies and guidance within a single document, and a description of the current standards for obtaining retroactive exemption relief.
The proposed regulation was published in the Monday edition of the Federal Register. Further information is on the DOL’s website, http://www.dol.gov/federalregister/DocumentList.aspx?AgencyId=8&DocumentType=1.
Written comments on the proposed exemption procedures are due Oct. 14 and can be mailed to the Office of Exemption Determinations, Employee Benefits Security Administration, Room N-5700, U.S. Department of Labor, 200 Constitution Ave. NW, Washington DC 20210, Attention: Prohibited Transaction Exemption Procedures Proposed Regulation.