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Subject Listing

Proposed and Granted Class Exemptions

Proposed Class Exemption

Proposed Amendments to Remove Credit Ratings Requirements

Proposes to amend the following class exemptions to remove references to, or reliance on, credit ratings, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act:  PTEs 1975-01, 1980-83, 1981-08, 1995-60, 1997-41, 2006-16.


Granted Class Exemptions

Securities Lending

PTE 2006-16
Application No. D-08295/10365

Incorporates PTEs 81-6 and 82-63 and extends PTE 81-6 to certain foreign banks and broker-dealers. Also permits certain additional forms of collateral. The proposed amendment would remove credit ratings requirements.

PTE 1982-63
Application No. D-2488

  • Clarification: See PTE 2002-13
  • Correction: 47 FR 16437
  • Final Exemption: 47 FR 14804
  • Proposed Exemption: 46 FR 7518

Permits certain compensation arrangements to be made for the provision by a fiduciary of securities lending services to a plan.

PTE 1981-06

Permits the lending of securities by plans to banks and broker-dealers who are parties in interest to such plans.


Abandoned Individual Account Plans

PTE 2006-06
Application No. D-11201

Permits a “qualified termination administrator” to select itself or an affiliate to provide services to an abandoned plan in connection with the termination of the plan; to pay itself or an affiliate fees for those services, and to pay itself for services provided prior to the plan’s deemed termination. Also permits the QTA to designate itself or an affiliate as provider of an individual retirement plan for distributions from abandoned plans to IRAs or other accounts maintained by the QTA resulting from a participant’s failure to provide direction and to pay itself fees in connection therewith.


Mandatory Distributions

PTE 2004-16
Application No. D-11203

Permits certain transactions involving IRAs in connection with a mandatory distribution.


Real Estate Investment Trusts

PTE 2004-07
Application No. D-10659

Permits 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.


Litigation and Settlement

PTE 2003-39
Application No. D-11100

Permits certain transactions engaged in by a plan, in connection with the settlement of litigation.

PTE 1994-71
Application No. D-9484

Permits transactions authorized by a settlement agreement that results from an investigation of a plan conducted by the Department.

PTE 1979-15

  • Clarification: See PTE 2002-13
  • Final Exemption: 44 FR 26979
  • Proposed Exemption: 44 FR 7244

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


Voluntary Fiduciary Correction Program Class Exemption

PTE 2002-51
Application No. D-10933

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


Amendment to Clarify the term "Plan"

PTE 2002-13
Application No. D-10616

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


Cross-Trades of Securities

PTE 2002-12
Application No. D-10851

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.


Bank CIF Conversions

PTE 1997-41
Application No. D-9988

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. The proposed amendment would remove credit ratings requirements.


Restoration of Delinquent Participant Contributions

PTE 1996-63
Application No. D-10218

Provides exemptive relief for certain transactions involving the failure to transmit participant contributions to pension plans where the delinquent amounts are voluntarily restored to the plans with lost earnings. This exemption was granted as part of the Department’s Pension Payback 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 of ERISA.


EXPRO

PTE 1996-62
Application No. D-10031

Permits certain prospective transactions between plans and parties in interest where the 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.


In-House Professional Asset Managers

PTE 1996-23
Application No. D-9602

Permits various transactions involving plans whose assets are managed by in-house managers.


Insurance Company General Accounts

PTE 1995-60
Application No. D-9662

Permits general relief for transactions between an insurance company 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. The proposed amendment would remove credit ratings requirements.


Foreign Exchange Transactions

PTE 1998-54
Application No. D-10078

Supplements PTE 94-20 for transactions relating to certain employee benefit plan foreign exchange transactions executed pursuant to standing instructions between a bank or broker-dealer and a plan.

PTE 1994-20
Application No. D-5700

Permits foreign exchange transactions between banks or broker-dealers and plans.


Relationship Banking and Brokerage

PTE 1997-11
Application No. D-9707

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.

PTE 1993-33
Application No. D-9124

Replaces and amends PTE 93-02. Permits the receipt of certain services at reduced or no cost by an IRA/Keogh Plan beneficiary from a bank.

PTE 1993-02
Application Nos. D-8243, D-8323

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

PTE 1993-01
Application No. D-4064

Permits the receipt of cash, property or other consideration in connection with a transaction involving an IRA or Keogh Plan.


Life Insurance Transfer-Out

PTE 1992-06
Application No. D-8337

Replaces and amends PTE 77-8 to include transactions between plans and owner-employees. The 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 is insured under the policy, or by or for the benefit of one or more relatives.

PTE 1977-08
Application No. D-0281

Permits the transfer of life insurance policies by plans to participants, relatives of participants, plan sponsors or another plan.


Life Insurance Transfer-In

PTE 1992-05
Application No. D-8303

Replaces and amends PTE 77-7 to include transactions between plans and owner-employees.

PTE 1977-07

  • Correction: 42 FR 36529
  • Final Exemption: 42 FR 31575
  • Proposed Exemption: 42 FR 4034
  • Replaced by: 1992-5, 57 FR 5019

Permits the transfer of life insurance policies to plans by plan participants or sponsoring employers.


Purchase of American Eagle Coins

PTE 1991-55
Application No. D-7088

Permits the purchase and sale by individual retirement accounts (IRAs) of bullion coins in principal transactions from or to a broker dealer who has an existing relationship with the IRAs so as to make the transaction prohibited.


Bank Collective Investment Funds

PTE 1991-38
Application No. D-8414

Amends and supersedes 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 that may be held by a participating plan.

PTE 1980-51

  • Correction: 45 FR 52949
  • Final Exemption: 45 FR 49709
  • Proposed Exemption: 44 FR 44290

Permits bank collective investment funds in which plans invest to engage in certain otherwise prohibited transactions.


Insurance Company Pooled Separate Accounts

PTE 1990-01
Application No. D-7551

Amends and supersedes 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 expands the percentage of pooled account interest by a participating plan which can qualify for the general exemptive relief, and provides relief for investments in short term obligations issued by parties in interest.

PTE 1978-19
Application No. D-039

  • Final Exemption: 43 FR 59915
  • Correction: 42 FR 58225
  • Proposed Exemption: 42 FR 54886

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.


Residential Mortgage Financing Arrangements

PTE 1988-59
Application No. D-5600

Replaces and amends PTE 82-87, which permits various transactions involving the provision by plans of residential mortgage financing. The amendment expands 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 1982-87
Application Nos. D-1937, D-2004

  • Final Exemption: 47 FR 21331
  • Proposed Exemption: 48 FR 58773

Permits plans 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, as well as the sale, exchange or transfer of mortgage loans or participation interests in such mortgages.


Agency Transactions Executed by Fiduciary Broker-Dealers

PTE 1986-128
Application No. D-3970

Replaces and revokes PTEs 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. The amendment permits plan fiduciaries that are discretionary trustees (previously excluded from relief) to execute securities transactions on behalf of a plan.

PTE 1984-46
Application Nos. D-1366, D-1382

  • Final Exemption: 49 FR 22157
  • Proposed Exemption:47 FR 54576

Permits an insurance company to utilize its affiliates to effect or execute securities transactions in order to recapture brokerage commissions for the benefit of plans whose assets are maintained in pooled separate accounts managed by the insurance company.

PTE 1979-01

  • Final Exemption: 44 FR 5963
  • Proposed Exemption: 43 FR 55005

Permits plan fiduciaries to effect (agency) securities transactions for plans.


Customer Notes

PTE 1985-68
Application No. D-5258

Supersedes PTE 79-9. Permits 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 1979-09 [Expired]
Application No. D-639

  • Final Exemption: 44 FR 17819
  • Proposed Exemption: 42 FR 59321

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.


Insurance Agents - Pension Consultants - Investment Company Principal Underwriters

PTE 1984-24
Application Nos. D-447, D-1903

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 1977-09
Application Nos. D-183, D-301, D-419, D-459, D-466, D-473

  • Adopted Amendment (2): 44 FR 52365
  • Proposed Amendment (2): 44 FR 32310
  • Adopted Amendment (1): 44 FR 1479
  • Proposed Amendment (1): 43 FR 18354
  • Final Exemption: 42 FR 32395
  • Proposed Exemption: 41 FR 56760

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.


Qualified Professional Assets Managers (QPAMs)

PTE 1984-14
Application No. D-4850

Permits various parties who are related to 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.


Mortgage Pool Investment Trusts

PTE 1983-01
Application Nos. D-2789, D-3060

  • Clarification: See PTE 2002-13
  • Final Exemption: 48 FR 895
  • Proposed Exemption: 47 FR 21325

Replaces and amends PTE 81-7. The amendment expands the coverage to include pools containing loans secured by mortgages or deeds of trust which are other than first lien loans, and issuance of forward delivery commitments by investing plans to purchase pool certificates under certain circumstances.

PTE 1981-07
Application Nos. D-1448, D-1449, D-1357, D-1447

  • Correction: 46 FR 12363
  • Final Exemption: 46 FR 7520
  • Proposed Exemption: 45 FR 29937

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 plans.


Guaranteed Contract Separate Accounts [Revoked]

PTE 1981-82
Application No. D-780

  • Final Revocation: 56 FR 54898
  • Withdrawal of Related Proposed Exemption: 56 FR 54899
  • Proposed Revocation: 56 FR 27543
  • Related Proposed Exemption: 46 FR 46448
  • Final Exemption: 46 FR 46443
  • Proposed Exemption: 45 FR 51303

Permits certain transactions involving insurance company guaranteed separate account contracts in which plans invest. Revoked as of November 22, 1991.


Short Term Investments

PTE 1981-08
Application Nos. D-653, D-1204, D-1294

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.  The amendment expands the categories of sellers with whom plans may enter into repurchase agreements, and 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. The most recent proposed amendment would remove credit ratings requirements.


Reduction of Indebtedness

PTE 1980-83
Application No. D-690

Permits purchases of securities by plans when proceeds may be used by the issuer to reduce or retire indebtedness to parties in interest. The proposed amendment would remove credit ratings requirements.


Interest Free Loans to Plans

PTE 1980-26

Permits parties in interest to make unsecured interest-free loans to plans for plan operating expenses.  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.  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.


Insurance Agents In-House

PTE 1979-60
Application Nos. D-985, D-040

  • Final Exemption: 44 FR 59018
  • Proposed Exemption: 44 FR 4027

Permits the sale of insurance or annuity contracts to a plan by an agent or broker who is the plan sponsor or a related person.


Captive Insurance

PTE 1979-41
Application Nos. D-391, D-461

  • Final Exemption: 44 FR 46365
  • Proposed Exemption: 43 FR 22800

Permits insurance companies that are substantially affiliated with sponsors of plans to sell insurance or annuity contracts to such plans.


Closed-End Mutual Fund In-House

PTE 1979-13
Application No. D-822

  • Final Exemption: 44 FR 25533
  • Proposed Exemption: 44 FR 7242

Permits the 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.


Apprenticeship Plans

PTE 1978-06
Application Nos. L-548, L-582

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


Multi-Employer Plans

PTE 1977-10
Application No. L-562

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

PTE 1976-01

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.


Open-End Mutual Funds Investment Adviser

PTE 1977-04
Application No. D-055

  • Final Exemption: 42 FR 18732
  • Proposed Exemption: 41 FR 50516

Permits the 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.


Open-End Mutual Funds In-House Plans

PTE 1977-03
Application No. D-025

  • Final Exemption: 42 FR 18734
  • Proposed Exemption: 41 FR 54080

Permits the 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.


Securities Transactions

PTE 1975-01

Permits certain principal transactions, underwritings, market-making and extensions of credit between plans and broker-dealers, reporting dealers and banks. The most recent proposed amendment would remove credit ratings requirements.