Labour market · 15/03/2022

DOL Proposes Rule to Update Procedures for Filing Prohibited Transaction Exemption Applications

The Department of Labor is proposing a new rule that would update its procedures for filing and processing applications for administrative exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974, the Internal Revenue Code of 1986, and the Federal Employees' Retirement System Act of 1986, allowing the Secretary of Labor to grant exemptions and establish a new exemption procedure.