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November 1, 2004    DOL > EBSA > Laws & Regulations > Class Exemptions   

Class Exemptions

PTE 2003-39

D-11100

Final Exemption: 68 FR 75632

Proposed Exemption: 68 FR 6953

Release of Claims and Extensions of Credit in Connection With Litigation - Permits certain transactions engaged in by a plan, in connection with the settlement of litigation.

PTE 2002-51

D-10933

Final Exemption: 67 FR 70623

Proposed Exemption: 67 FR 15083

Voluntary Fiduciary Correction Program Class Exemption - Provides relief from the sanctions imposed under section 4975(a) and (b) of the Code for certain eligible transactions identified in the Department's Voluntary Fiduciary Compliance Program.

PTE 2002-13

D-10616

Adopted Amendment: 67 FR 9483

Proposed Amendment: 66 FR 54541

Clarifies 12 other class exemptions to define the term “employee benefit plan” to include plans described in section 4975(e)(1) of the Code.

PTE 2002-12

D-10851

Final Exemption: 67 FR 6614

Proposed Exemption: 64 FR 70057

Cross-Trades of Securities - Permits cross-trades of securities among Index and Model Driven Funds managed by investment managers, and among such Funds and certain large accounts which engage such managers to carry out a specific portfolio restructuring program or to otherwise act as a “trading adviser” for such a program.

PTE 1998-54

D-10078

Final Exemption: 63 FR 63503

Proposed Exemption: 62 FR 5051

Foreign Exchange Transactions Pursuant to Standing Instructions - Supplements PTE 97-20, for transactions engaged in pursuant to standing instructions between a bank or broker-dealer and a plan.

PTE 1997-41

D-9988

Final Exemption: 62 FR 42830

Proposed Exemption: 61 FR 58224
Correction: 61 FR 59244

Bank CIF Conversions - Permits a plan to purchase shares of a registered investment company in an in-kind exchange for the plan's bank collective investment fund assets when the bank or plan adviser of the fund is also a fiduciary of the plan.

PTE 1997-11

D-9707

Final Exemption: 62 FR 5855
Adopted Amendment (1): 64 FR 11042
Adopted Amendment (2): 67 FR 76425

Proposed Exemption: 61 FR 39996
Proposed Amendment (1): 63 FR 56231
Proposed Amendment (2): 67 FR 41504

Relationship Brokerage - Permits the receipt of services at reduced or no cost by an individual for whose benefit and individual retirement account (IRA) or, if self-employed, a Keogh Plan is established or maintained, or by members of his or her family, from a broker-dealer, provided that the conditions of the exemption are met. The exemption affects individuals with beneficial interests in such plans who receive such services as well as the broker-dealers who provide such services.

PTE 1996-63

D-10218

Final Exemption: 61 FR 40459

Proposed Exemption: 61 FR 9199

Restoration of Delinquent Participant Contributions - Provides exemptive relief for certain transactions involving the failure to transmit participant contributions to pension plans where such delinquent amounts are voluntarily restored to such plans with lost earnings. This exemption is being granted as part of the Department’s Pension Payback Program (the Program), which is targeted at persons who failed to transfer participant contributions to pension plans, including section 401(k) plans, within the time frames mandated by the Department’s participant contribution regulation, and thus violated Title I or ERISA. The exemption affects plans, participants and beneficiaries of such plans and certain other persons engaging in such transactions.

PTE 1996-62

D-10031

Final Exemption: 61 FR 39988
Adopted Amendment: 67 FR 44622
Clarification: See PTE 2002-13

Proposed Exemption: 60 FR 58376
Proposed Amendment: 67 FR 13019

EXPRO - Permits certain prospective transactions between employee benefit plans and parties in interest where such transactions are specifically authorized by the Department and are subject to terms, conditions and representations which are substantially similar to two exemptions previously granted by the Department within the 60 months prior to the application. The Amendment: alternatively permits parties to rely on one individual exemption granted within the 120 months prior to the application and one transaction which received authorization from the Department under PTE 96-62 within the past 60 months.

PTE 1996-23

D-9602

Final Exemption: 61 FR 15975

Proposed Exemption: 60 FR 15597

In-House Professional Asset Managers - Permits various transactions involving employee benefit plans whose assets are managed by in-house managers.

PTE 1995-60

D-9662

Final Exemption: 60 FR 35925
Clarification: See PTE 2002-13

Proposed Exemption: 59 FR 43134

Insurance Company General Accounts - Permits general relief for transactions between the general account and parties in interest to plans that are contract holders in the general account. It also provides relief for a general account to acquire and hold employer securities and employer real property.

PTE 1994-71

D-9484

Final Exemption: 59 FR 51216
Correction: 59 FR 60837

Proposed Exemption: 59 FR 27581

Settlement Agreements - Permits transactions authorized by a settlement agreement resulting from an investigation of a plan.

PTE 1994-20

D-5700

Final Exemption: 59 FR 8022
Clarification: See 1998-54

Proposed Exemption: 56 FR 11757
Correction: 56 FR 33467

Foreign Exchange (FX) Transactions - Permits FX transactions between banks or broker-dealers and plans.

PTE 1993-33

D-9124

Final Exemption: 58 FR 31053
Adopted Amendment (1): 59 FR 22686
Adopted Amendment (2): 64 FR 11044

Proposed Exemption: 58 FR 3565
Proposed Amendment (1): 58 FR 61103
Proposed Amendment (2): 63 FR 56233

IRA/KEOGH Plans - Permits the receipt of certain services at reduced or no cost by IRA/Keogh Plan beneficiary from a bank.

PTE 1993-2

D-8243 & D-8323

Final Exemption: 58 FR 3561
Replaced By: 1993-33, 58 FR 31053

Proposed Exemption: 56 FR 8365

IRA/KEOGH Plans - Permits the receipt of certain services at reduced or no cost by IRA/Keogh Plan beneficiary from a bank.

PTE 1993-1

D-4064

Final Exemption: 58 FR 3567

Proposed Exemption: 48 FR 4592

IRA/KEOGH Plans - Permits the receipt of cash, consideration in connection with a transaction involving an IRA or Keogh Plan.

PTE 1992-6

D-8337

Final Exemption: 57 FR 5189
Adopted Amendment: 67 FR 56313
Correction: 57 FR 29938

Proposed Exemption: 56 FR 31679
Proposed Amendment: 67 FR 15083

Life Insurance Transfer Out - Replaces and amends PTE 77-8 to include transactions between plans and owner-employees. The 2002 Amendment: permits transactions between plans and personal or private trusts established by, or for the benefit of an individual who is a participant in the plan and insured under the policy, or by or for the benefit of one or more relatives.

PTE 1992-5

D-8303

Final Exemption: 57 FR 5019

Proposed Exemption: 56 FR 31681

Life Insurance Transfer In - Replaces and amends PTE 77-7 to include transactions between plans and owner-employees.

PTE 1991-55

D-7088

Final Exemption: 56 FR 49209
Correction: 56 FR 50729

Proposed Exemption: 53 FR 10169

Purchase of American Eagle Coins - Permits the purchase and sale by individual retirement accounts (IRAs) of bullion coins in principal transactions from or to broker dealer in such coins who have an existing relationship with the IRA's so as to make the transaction prohibited.

PTE 1991-38

D-8414

Final Exemption: 56 FR 31966
Correction: 56 FR 59299
Clarification: See PTE 2002-13

Proposed Exemption: 56 FR 4856

Bank Collective Investment Funds - Amends and supercedes PTE 80-51 which permits bank collective investment funds in which plans invest to engage in certain transactions with parties in interest and to hold employer securities or employer real property. The Amendment: expands the percentage of collective fund interest by a participating plan which can qualify for the general exemptive relief. Bank CIF conversion permits an in kind exchange between a plan's interest in a CIF and the purchase of shares in a registered investment company when the bank is a fiduciary of the plan.

PTE 1990-1

D-7551

Final Exemption: 55 FR 2891

Proposed Exemption: 54 FR 31092

Insurance Company Pooled Separate Accounts - Amends and supercedes PTE 78-19 which permits insurance company pooled separate accounts in which plans invest to engage in certain transactions with parties in interest and to hold employer securities or employer real property. The Amendment:s:

  • Expand the percentage of pooled account interest by a participating plan which can qualify for the general exemptive relief

  • Provide relief for investments in short term obligations issued by parties in interest

PTE 1988-59

D-5600

Final Exemption: 53 FR 24811
Correction: 53 FR 26560
Correction: 53 FR 26927
Clarification: See PTE 2002-13

Proposed Exemption: 49 FR 48236

Residential Mortgage Financing Arrangements - Replaces and amends PTE 82-87 which permits various transactions involving the provision by employee benefit plans of residential mortgage financing. The Amendment:s expand the coverage of PTE 82-87 to include transactions involving mortgages on multifamily residential dwelling units and to mortgages which, but for their dollar value would otherwise satisfy the terms of the exemption.

PTE 1986-128

D-3970

Final Exemption: 51 FR 41686
Adopted Amendment: 67 FR 64137

Proposed Exemption: 50 FR 3427
Proposed Amendment: 67 FR 31838

Agency Transactions Executed by Fiduciary Broker-Dealers - Replaces and revokes PTE's 79-1 and 84-46. Exemption permits plan fiduciaries, usually a broker-dealer, (who is not a plan administrator or sponsoring employer) to execute securities transactions on behalf of a plan, subject to certain conditions. An Amendment: permits plan fiduciaries that are discretionary trustees (previously excluded from relief) to execute securities transactions on behalf of a plan.

PTE 1985-68

D-5258

Final Exemption: 50 FR 13293

Proposed Exemption: 49 FR 32127

Customer Notes - Supersedes PTE 79-9. This exemption provides permanent relief for employee benefit plans to purchase and hold customer notes which the plan sponsor has received in the ordinary course of business. The notes are collateralized by security agreements on equipment purchased by customers of the sponsor.

PTE 1984-46

D-1366 & D-1382

Final Exemption: 49 FR 22157
Replaced By: 1986-128, 51 FR 41686

Proposed Exemption: 47 FR 54576

Recapture of Brokerage Commissions on Behalf of Insurance Company Pooled Separate Accounts - Permits an insurance company to utilize its affiliates to effect or execute securities transactions in order to recapture brokerage commissions for the benefit of employee benefit plans whose assets are maintained in pooled separate accounts managed by the insurance company.

PTE 1984-24

D-447 & D-1903

Final Exemption: 49 FR 13208
Correction: 49 FR 24819

Proposed Exemption: 47 FR 14803

Insurance Agents - Pension Consultants - Permits certain transactions involving plans, insurance agents and brokers, pension consultants, insurance companies and investment companies who are parties in interest or fiduciaries, in connection with purchase of insurance or annuity contracts, or purchase and sale of securities issued by an investment company. The Amendment: permits a broader range of transactions where the party seeking to utilize the exemption provides non-discretionary trust or custodial services to the plan but does not render investment advice.

PTE 1984-14

D-4850

Final Exemption: 49 FR 9494
Correction: 50 FR 41430
Clarification: See PTE 2002-13

Proposed Exemption: 47 FR 56945

Qualified Professional Assets Managers (QPAMs) - Permits various parties who are related to employee benefit plans to engage in transactions involving plan assets if, among other conditions, the assets are managed by QPAMs which are independent of the parties in interest and which meet specified financial standards. Additional exemptive relief is provided for employers to furnish limited amounts of goods and services in the ordinary course of business. Limited relief is also provided for leases of office or commercial space between managed funds and QPAMs or contributing employers.

PTE 1983-1

D-2789 & d-3060

Final Exemption: 48 FR 895
Clarification: See PTE 2002-13

Proposed Exemption: 47 FR 21325

Mortgage Pool Investment Trusts - Replace and amends PTE 81-7. The Amendment:s expand the coverage to include:

  • Pools containing loans secured by mortgages or deeds of trust which are other than first lien loans

  • Issuance of forward delivery commitments by investing plans to purchase pool certificates under certain circumstances

PTE 1982-87

D-1937 & D-2004

Final Exemption: 47 FR 21331
Correction: 53 FR 26560
Correction: 53 FR 26907
Replaced By: 1988-59, 53 FR 24811

Proposed Exemption: 48 FR 58773

Residential Mortgage Financing Arrangement - Employee benefit plans are permitted to provide mortgage financing commitments to purchasers of certain residential dwelling units and later honor the commitments by making mortgage loans to purchasers of the units, the direct acquisition or disposal of mortgage loans or participation interests in such mortgages.

PTE 1982-63

D-2488

Final Exemption: 47 FR 14804
Correction: 47 FR 16437
Clarification: See PTE 2002-13
Clarification: See 1981-6

Proposed Exemption: 46 FR 7518

Provision of Securities Lending Services- Payment of Compensation - This class exemption allows certain compensation arrangements to be made for the provision by a fiduciary of securities lending services to an employee benefit plan.

PTE 1981-82

D-780

Final Exemption: 46 FR 46443
Replaced By: 56 FR 54898
Clarification: See 46 FR 46448
Withdrawn: 56 FR 54898

Proposed Exemption: 45 FR 51303

Guaranteed Contract Separate Accounts - Permits certain transactions involving insurance company guaranteed contract separate accounts in which plans invest. Revoked: as of November 22, 1991.

PTE 1981-8

Final Exemption: 46 FR 7511
Adopted Amendment: 50 FR 14043
Clarification: See PTE 2002-13

Proposed Exemption: 45 FR 28017
Proposed Amendment: 49 FR 27379

Short-Term Investments - Permits plans to invest in certain short-term investment products such as banker's acceptances, commercial paper, repurchase agreements and certificates of deposit which are issued, sold or guaranteed by a party in interest.
Short-Term Investments (Amendment:s) - Amends PTE 81-8 in two respects:

  • Expands the categories of sellers with whom plans may enter into repurchase agreements

  • Permits a plan to invest in securities issued by banks which are parties in interest solely by reason of furnishing checking accounts or related services to a plan

PTE 1981-7

D-1448, D-1449, D-1357, D-1447

Final Exemption: 46 FR 7520
Replaced By: 1983-1, 48 FR 895

Proposed Exemption: 45 FR 29937

Mortgage Pool Investment Trusts - Permits transactions related to the origination, maintenance, and termination of mortgage pool investment trusts and the acquisition and holding of certain mortgage-backed pass-through certificates by employee benefit plans.

PTE 1981-6

 

Final Exemption: 46 FR 7527
Correction: 46 FR 10570
Adopted Amendment: 52 FR 18754
Clarification: See PTE 2002-13
Clarification: See 1982-63

Proposed Exemption: 45 FR 24946
Proposed Amendment: 51 FR 9900

Securities Lending - Permits lending of securities by plans to banks and broker-dealers who are parties in interest to such plans.
Securities Lending (Amendment:s) - Amends PTE 81-6 by adding certain specified broker-dealers to the list of securities borrowers.

PTE 1980-83

D-690

Final Exemption: 45 FR 73189
Clarification: See PTE 2002-13

Proposed Exemption: 44 FR 44286

Reduction of Indebtedness - Permits purchases of securities by plans when proceeds may be used by the issuer to reduce or retire indebtedness to parties in interest.

PTE 1980-51

 

Final Exemption: 45 FR 49709
Correction: 45 FR 52949
Replaced By: 1991-38, 56 FR 31966

Proposed Exemption: 44 FR 44290

Bank Collective Investment Funds - Permits bank collective investment funds in which plans invest to engage in certain otherwise prohibited transactions.

PTE 1980-26

Final Exemption: 45 FR 28545
Correction: 45 FR 35040
Adopted Amendment (1): 65 FR 17540
Adopted Amendment (2): 67 FR 9485
Clarification: See PTE 2002-13

Proposed Exemption: 45 FR 8761
Proposed Amendment (1): 64 FR 66666
Proposed Amendment (2): 66 FR 49703

Interest-Free Loans to Plans - Permits parties in interest to make unsecured interest-free loans to plans for plan operating expenses.
Note: A temporary Amendment: to 80-26 expanded the interest free loan exemption to address potential Y2K problems, from November 1, 1999 through December 31, 2000.
Note: A temporary Amendment: to 80-26 broadened the availability of PTE 80-26 to include certain interest-free loans to be used for a purpose incidental to the ordinary operations of a plan which arose in connection with difficulties encountered by the plan in liquidating or otherwise accessing its assets, or accessing its data in a timely manner, as a direct or indirect result of the September 11, 2001 disruption to the financial markets, from September 11, 2001 until January 9, 2002.

PTE 1979-60

D-985 & D-040

Final Exemption: 44 FR 59018

Proposed Exemption: 44 FR 4027

Insurance Agents-In-House - Permits sale of insurance to plan by an agent or broker who is the plan sponsor or a related person.

PTE 1979-41

D-391 & D-461

Final Exemption: 44 FR 46365

Proposed Exemption: 43 FR 22800

Captive Insurance - Permits insurance companies that are substantially affiliated with sponsors of plans to sell insurance or annuity contracts which fund such plans.

PTE 1979-15

 

Final Exemption: 44 FR 26979
Clarification: See PTE 2002-13

Proposed Exemption: 44 FR 7244

Judicial Orders - Permits otherwise prohibited transactions if ordered by a U.S. District Court or by settlement of litigation approved by such court provided that the DOL or IRS is a party to the litigation at time of such order or settlement.

PTE 1979-13

D-822

Final Exemption: 44 FR 25533

Proposed Exemption: 44 FR 7242

Closed-End Mutual Fund-In-House - Permits purchase and sale of shares of closed-end mutual funds by plans which cover only employees of either the mutual fund, its investment adviser or an affiliate.

PTE 1979-9

D-639

Final Exemption: 44 FR 17819
Replaced By: 1985-68, 50 FR 13293

Proposed Exemption: 42 FR 59321

Customer Notes - Temporary exemption (expired July 1, 1984) which permits plans to purchase certain notes from plan sponsors where the plan sponsor receives such notes in the ordinary course of business and notes are collateralized by security agreements on equipment purchased by customers.

PTE 1979-1

Final Exemption: 44 FR 5963
Replaced By: 1986-128, 51 FR 41686

Proposed Exemption: 43 FR 55005

Broker-Dealers-Agency Transactions - Permits plan fiduciaries to effect (agency) securities transactions for plans.

PTE 1978-19

D-039

Final Exemption: 43 FR 59915
Correction: 42 FR 58225
Replaced By: 1990-1, 55 FR 2891

Proposed Exemption: 54 FR 54886

Insurance Company Pooled Separate Accounts - Permits insurance company pooled separate accounts in which plans invest to engage in certain transactions with parties in interest and to hold employer securities or employer real property.

PTE 1978-6

L-548, L-582

Final Exemption: 43 FR 23024
Correction: 43 FR 25492

Proposed Exemption: 42 FR 38794

Apprenticeship Plans - Permits sale or lease of personal property and lease of real property by collectively bargained multiemployer apprenticeship plans from contributing employers.

PTE 1977-10

L-572

Final Exemption: 42 FR 33918
Clarification: See 1976-1

Proposed Exemption: 42 FR 22428

Multi-Employer Plans - Extension of PTE 76-1 to cover ERISA section 406(b) (2).

PTE 1977-9

D-183, D-301, D-419, D-459, D-4661, D-478

Final Exemption: 42 FR 32395
Adopted Amendment: 44 FR 1479
Adopted Amendment: 44 FR 52365
Replaced By: 1984-24, 49 FR 13208

Proposed Exemption: 41 FR 56760
Proposed Amendment: 43 FR 18354
Proposed Amendment: 44 FR 32310

Insurance Agents - Pension Consultants - Permits certain transactions involving plans, insurance agents and brokers, pension consultants, insurance companies and investment companies who are parties in interest or fiduciaries, in connection with purchase of insurance or annuity contracts, or purchase and sale of securities issued by an investment company.

PTE 1977-8

D-0281

Final Exemption: 42 FR 31574
Correction: 42 FR 33817
Correction: 57 FR 29938
Replaced By: 1992-6, 57 FR 5189

Proposed Exemption: 42 FR 4036

Life Insurance Transfer Out - Permits transfer of life insurance policies by plans to participants, relatives of participants, plan sponsors or another plan.

PTE 1977-7

Final Exemption: 42 FR 31575
Correction: 42 FR 36529
Replaced By: 1992-5, 57 FR 5019

Proposed Exemption: 42 FR 4034

Life Insurance Transfer In - Permits transfer of life insurance policies to plans by plan participants or sponsoring employers.

PTE 1977-4

D-055

Final Exemption: 42 FR 18732

Proposed Exemption: 41 FR 50516

Open-End Mutual Funds Investment Adviser - Permits purchase and sale of open-end mutual fund shares by a plan when a plan fiduciary is also the investment adviser for the investment company marketing the mutual fund.

PTE 1977-3

D-025

Final Exemption: 42 FR 18734

Proposed Exemption: 41 FR 54080

Open-End Mutual-Funds In-House Plans - Permits purchase and sale of open-end mutual fund shares by a plan which only covers employees of a mutual fund, its investment adviser or principal underwriter, or an affiliate.

PTE 1976-1

 

Final Exemption: 41 FR 12740
Correction: 41 FR 16620
Clarification: See 1977-10

Proposed Exemption: 40 FR 23798

Multi-Employer Plans - Permits certain transactions between multiemployer plans and parties in interest involving delinquent employer contributions, construction loans, leasing of office space, provision of services and the sales of goods.

PTE 1975-1

Final Exemption: 40 FR 50845
Clarification: See 1979-1, 1986-128

Proposed Exemption: 40 FR 33564
Proposed Interim: 40 FR 2483
Interim Exemption 40 FR 5201
Interim Extension: 40 FR 17861
Interim Extension: 40 FR 24578

Securities Transactions - Permits certain principal transactions, underwritings, market-making and extensions of credit between plans and broker-dealers, reporting dealers and banks.

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Proposed Class Exemptions

Proposed Amendment

D-11047

 

Proposed Amendment: 68 FR 52417

Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers - If granted, the proposed amendment to the QPAM exemption would amend, among other things, the exemption's "power of appointment" rule and certain definitions, including the definitions of "affiliate", "related", and "QPAM".

Proposed Class Exemption

D-08295 and D-10365

Correction: 68 FR 61468

Proposed Exemption: 68 FR 60715

Proposed Class Exemption To Permit Certain Loans of Securities by Employee Benefit Plans - If granted, this proposed class exemption would incorporate PTEs 81-6 and 82-63 and extend PTE 81-6 to certain foreign banks and broker-dealers. In addition, the proposed exemption, which contains modified conditions, would also permit certain additional forms of collateral.

Proposed Class Exemption

D-10659

 

Proposed Exemption: 68 FR 33185-33194

Proposed Class Exemption for Acquisition and Sale of REIT Shares by Individual Account Plans Sponsored by Trust REITS - If granted, the proposed exemption would permit the acquisition, holding or sale of publicly traded shares of beneficial interest in a real estate investment trust (REIT), that is structured under state law as a business trust, by individual account plans sponsored by the REIT or its affiliates.

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