DOL Announces Posting of Hearing Transcript and Closing of Reopened Comment Period for Proposed Amendments to Prohibited Transaction Exemption Filing
Published December 15, 2022
The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) announced it has posted the transcript of the virtual public hearing regarding the proposed amendment to its exemption procedure regulation online and determined the closing date for the proposed amendment’s reopened comment period.
The public hearing transcript was posted to the EBSA website on December 12, 2022, and the reopened comment period for the proposed amendment will close on January 6, 2023.
(Updated December 15, 2022)
The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) announced it has posted the transcript of the virtual public hearing regarding the proposed amendment to its exemption procedure regulation online and determined the closing date for the proposed amendment’s reopened comment.
The public hearing transcript was posted to the EBSA website on October 6, 2022, and the reopened comment period for the proposed amendment will close on October 28, 2022.
(Updated October 14, 2022)
The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) announced a virtual public hearing to be held on September 15, 2022 (and if necessary, September 16) via WebEx beginning at 9:00 am EDT regarding the proposed amendment to its prohibited transaction exemption filing and processing procedures. In addition, EBSA will reopen the comment period on September 15, 2022 to coincide with the hearing date. An additional notice will be published in the Federal Register announcing when the hearing transcript is available and when the reopened comment period closes.
Registration information to access and view the hearing will be available on the EBSA website.
Registration information to access and view the hearing will be available on the EBSA website.
Requests to testify at the hearing are due September 8, 2022.
(Updated August 22, 2022)
The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) announced an extension to the comment period published in the Federal Register on March 15, 2022 for proposed amendments to its procedures governing the filing and processing of prohibited transaction exemption applications. The amendments update, clarify and supersede the department’s existing procedures, which were published in 2011.
Extended comments are due May 29, 2022.
(Updated April 11, 2022)
The Department of Labor (DOL) Employee Benefits Security Administration (EBSA) announced proposed amendments in its procedures governing the filing and processing of prohibited transaction exemption applications. The Employee Retirement Income Security Act of 1974 (ERISA) directs the Secretary of Labor to establish procedures for granting administrative exemptions. The amendments would address changes in application review processes since 2011.
The proposed rule would promote prompt and efficient consideration of all exemption applications by:
- Clarifying the types of information and documentation required to complete an application
- Revising the definitions of a qualified independent fiduciary and qualified independent appraiser to ensure their independence
- Clarifying the content of specific reports and documents applicants must submit to ensure that the department receives sufficient information to make the requisite findings under ERISA Section 408(a) to issue an exemption
- Updating various timing requirements to ensure clarity in the application review process
- Specifying items that are included in the administrative record for an application and when the administrative record is available for public inspection
- Expanding opportunities for applicants to submit information to the department electronically.
Comments are due April 14, 2022.