US Department of Labor Grants Exemptions for Prohibited Transactions Involving Putnam Fiduciary Trust Company, UBS Financial Services Inc., and Subaru of America, Inc.

Summary

The US Department of Labor has issued exemptions from prohibited transaction restrictions under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code) for transactions involving Putnam Fiduciary Trust Company, UBS Financial Services Inc., and Subaru of America, Inc. The exemptions were granted after a public notice and comment period, following a proposal to exempt these transactions from ERISA and the Code restrictions.