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September 30, 2010
Exemption Procedure Update
The procedure for filing and processing applications for exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act (ERISA) would be updated, under a proposed regulation from the U. S. Department of Labor’s Employee Benefits Security Administration (EBSA).

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“The proposed exemption procedure retains the section-by-section topical structure of the existing regulation,” EBSA explained.

The proposed changes include the following:

  • Requiring applicants to provide interested persons with a brief objective summary of complex transactions;
  • Consolidating exemption policies and guidance within a single document;
  • Updating the description of the department’s authority to propose and issue administrative exemptions on its own motion;
  • Adding a description of the current standards for obtaining retroactive exemption relief; and
  • Clarifying the content of specialized statements, as needed, from qualified independent appraisers and other relevant experts.

The proposed regulation was published in the Federal Register on August 30, 2010.

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