Labor Department Proposed Rule

2022-07785: Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications

Comment Period Closed

Public comment closed .

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Summary

The Department of Labor (the Department) is extending the comment period for a proposed rule that would update, clarify, and supersede the Department's current regulation governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code of 1986 (the Code), and the Federal Employees' Retirement System Act of 1986 (FERSA). The Department published the proposed rule in the Federal Register on March 15, 2022, with a 30-day comment period that was scheduled to end on April 14, 2022. Since the proposed rule was published, the Department has received multiple requests from interested parties for the Department to provide additional time for them to develop and submit their comments on the proposal. In response to these requests, the Department is extending the comment period for an additional 45 days, through May 29, 2022.

The agency’s own summary, as published.

What this changes

Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.

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