Below is a historical list of exemptions. They may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.
Health Management Associates, Inc. Retirement Savings Plan and The Mooresville Retirement Savings Plan (together, the Plans)
Permits, effective January 27, 2014, (1) the acquisition by the Plans of contingent value rights (CVRs) received by the Plans in connection with the merger of FWCT–2 Acquisition Corporation, a wholly-owned subsidiary of Community Health Systems, Inc. (CHS), with and into Health Management Associates, Inc. (HMA), with HMA surviving as a wholly owned subsidiary of CHS; and (2) the holding of the CVRs by the Plans.
Liberty Mutual Insurance Company (Liberty Mutual)
Provides substantially the same relief as Part I of PTE 96-23 (INHAM), without the requirement that the investment manager qualify as a registered investment advisor (RIA). Relief is provided for transactions between the Liberty Mutual Retirement Benefit Plan and any other ERISA-covered plan maintained by Liberty Mutual or an affiliate of Liberty Mutual, and covering the employees of such entities (the Liberty Mutual Plan) and certain parties in interest with respect to such Liberty Mutual Plan, provided that the Liberty Mutual Asset Manager has discretionary authority or control with respect to the assets of the Liberty Mutual Plan involved in the transaction and the parties in interest may only be service providers or certain 10% or more partners, shareholders, or joint venturers with Liberty Mutual. No relief mirroring the specific exemptions of Part II of INHAM or the places of public accommodation of Part III of INHAM is being provided. The conditions are consistent with Part I of INHAM. The Liberty Mutual Asset Manager will not charge any fees to the Liberty Mutual Plan. The audit requirement is more robust than that in INHAM and resembles the QPAM I(g) audits., with the audit report unconditionally available to the Department. The Liberty Mutual Asset Manager will adopt Policies similar to those required of RIAs. Furthermore the Liberty Mutual Asset Manager will prepare and make available to all participants of, and beneficiaries entitled to receive benefits under, the Liberty Mutual Plans a Brochure that contains disclosures comparable to that required by Part 2A of Form ADV. The Liberty Mutual Asset Manager must establish an internal compliance program, with a Chief Compliance Officer, who must be knowledgeable about ERISA and have the authority to develop and enforce appropriate compliance policies and procedures for the Liberty Mutual Asset Manager, and a written code of ethics that will reflect the Liberty Mutual Asset Manager's fiduciary duties to the Liberty Mutual Plans. Finally, this exemption imposes two conditions from the BIC exemption, including: (1) the Liberty Mutual Asset Manager must act in the Best Interest of the Liberty Mutual Plan; and (2) statements about material conflicts of interest and any other matters relevant to the Liberty Mutual Asset Manager’s relationship with the Liberty Mutual Plan are not materially misleading at the time they are made.
Russell Investment Management, LLC, et al.
Allows Russell Investments to receive fees from certain affiliated mutual funds (the Affiliated Funds), in connection with the direct investment in shares of any such Affiliated Fund by employee benefit plans (the Client Plans), where Russell Investments serves as a fiduciary to such Client Plans, and where Russell Investments: (1) provides investment advisory services or similar services to any such Affiliated Fund; and (2) provides to any Affiliated Fund other services. Also permits: (1) the indirect investment by a Client Plan in shares of an Affiliated Fund through investment in a pooled investment vehicle or pooled investment vehicles (i.e., Collective Funds), where Russell Investments serves as a fiduciary with respect to such Client Plan; and (2) the receipt of fees by Russell Investments from: (a) an Affiliated Fund for the provision of investment advisory services, or similar services by Russell Investments to any such Affiliated Fund; and (b) an Affiliated Fund for the provision of Secondary Services by Russell Investments to any such Affiliated Fund.
Toledo Electrical Joint Apprenticeship & Training Fund (the Training Plan)
Permits the purchase by the Training Plan of certain unimproved real property from the International Brotherhood of Electrical Workers Local Union No. 8 Building Corporation, a party in interest with respect to the Training Plan.
EXCO Resources, Inc. 401(k) Plan (the Plan)
Provides exemptive relief, for the period beginning December 17, 2013, and ending January 9, 2014, with respect to: (1) the acquisition of certain transferable subscription rights (the Rights) by the individually-directed accounts (the Accounts) of certain participants in the Plan, in connection with an offering (the Offering) of the common stock of EXCO Resources, Inc., the Plan sponsor and a party in interest with respect to the Plan; and (2) the holding of the Rights received by the Accounts during the subscription period of the Offering
The Grossberg, Fox & Beyda LLP Profit Sharing Plan (the Plan)
Permits the proposed sale by the Plan of a limited liability company interest to GYFB-Commons, LLC, an entity that will be owned by the current partners of the law firm, Grossberg, Yochelson, Fox & Beyda, LLP.
BNP Paribas (BNP Paribas)
Temporary exemption, permitting certain entities with specified relationships to BNP Paribas to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding: (1) the 2015 criminal conviction of BNP Paribas; and (2) the 2018 criminal conviction of BNP Paribas, USA.
Liberty Media 401(k) Savings Plan (the Plan)
Permits, effective May 24, 2016, and ending June 16, 2016: (a) the acquisition by the Plan of certain stock subscription rights (the Rights) to purchase shares of Series C Liberty Braves common stock, in connection with a rights offering (the Rights Offering) held by Liberty Media Corporation, the Plan sponsor and a party in interest with respect to the Plan; and (b) the holding of the Rights by the Plan during the subscription period of the Rights Offering.
CLS Investments, LLC and Affiliates (CLS)
Permits the receipt of a fee by CLS from a registered, open-end investment company for which CLS serves as an investment advisor (an Affiliated Fund), in connection with the investment by an employee benefit plan (the Client Plan) in shares of such Affiliated Fund, where CLS serves as an investment advisor or investment manager with respect to such Client Plan.
Retirement Clearinghouse, LLC (RCH)
Would permit the receipt of a transfer fee (the Transfer Fee) by RCH in connection with the transfer of assets from an individual’s default IRA (the Default IRA), to the individual’s new plan account (the New Plan Account), following the individual’s nonresponse to two letters informing the individual that the assets will be transferred if he or she fails to contact RCH within certain prescribed time frames. Relief under this exemption is solely available for the payment of a Transfer Fee by a Default IRA to RCH in connection with the transfer of $5,000 or less from the Default IRA to a New Plan Account, pursuant to either a Default IRA Model Transfer or a Conduit Model Transfer.
The Les Schwab Tire Centers of Washington, Inc., the Les Schwab Tire Centers of Boise, Inc., and the Les Schwab Tire Centers of Portland, Inc. (collectively, with Their Affiliates, Les Schwab)
Would permit the sales by the Les Schwab Profit Sharing Retirement Plan (the Plan) of certain parcels of real property to Les Schwab, where Les Schwab is a party in interest with respect to the Plan.
Seventy Seven Energy Inc. Retirement & Savings Plan (the Plan)
Would permit, effective August 1, 2016 through April 20, 2017, (1) the acquisition by participant accounts in the Plan of warrants (the Warrants) issued by Seventy Seven Energy, Inc. (SSE), the Plan sponsor, in connection with SSE’s bankruptcy; and (2) the holding of the Warrants by the Plan.
Tidewater Savings and Retirement Plan (the Plan)
Would permit, effective July 31, 2017, (1) the acquisition, by certain participant-directed accounts (the Accounts) in the Plan, of Series A Warrants and Series B Warrants (together, the Equity Warrants), issued by Tidewater Inc., the Plan sponsor and a party in interest with respect to the Plan; and (2) the holding of the Equity Warrants by the Accounts.
Principal Life Insurance Company (PLIC) and Its Affiliates (collectively, Principal)
Would permit the direct or indirect acquisition, holding, and disposition of common stock issued by Principal Financial Group, Inc. (PFG), and/or common stock issued by an affiliate of PFG, by index funds and model-driven funds that are managed by PLIC, an indirectly wholly-owned subsidiary of PFG, or an affiliate of PLIC (collectively, Principal), in which client plans of Principal invest.