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Text of DOL Proposed Regs and Comment Request: New Procedures for the Filing and Processing of Prohibited Transaction Exemption Applications
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Mar. 9, 2022

121 pages. "This document gives notice of a proposed rule that, if adopted, would supersede the [DOL's] existing procedure governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of [ERISA], the Internal Revenue Code of 1986, and the Federal Employees' Retirement System Act of 1986 (FERSA).'

The following summary appears in the DOL press release:

'The Proposed Exemption Procedure Regulation would promote the department's prompt and efficient consideration of all exemption applications by, among other things:

  • Clarifying the types of information and documentation required to complete an application.
  • Revising the definitions of a qualified independent fiduciary and qualified independent appraiser to ensure their independence.
  • Clarifying the content of specific reports and documents applicants must submit to ensure that the department receives sufficient information to make the requisite findings under ERISA Section 408(a) to issue an exemption.
  • Updating various timing requirements to ensure clarity in the application review process.
  • Specifying items that are included in the administrative record for an application and when the administrative record is available for public inspection.
  • Expanding opportunities for applicants to submit information to the department electronically.'

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