Labour market · 19/04/2022

Exemption From Certain Prohibited Transaction Restrictions Involving Phillips 66 Company

The Department of Labor has issued a notice of exemption to Phillips 66, allowing the company's employee retirement plan to enter into a reinsurance contract with an affiliate, Spirit Insurance Company, to reinsure the plan's risks. This exemption is granted under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986.