Regulatory and Legislative

DOL to Reopen Comment Period for Proposed Prohibited Transaction Procedure

The Department of Labor (DOL) has announced a public hearing scheduled for September 15, 2022, (and September 16, 2022, if necessary) regarding its proposal to supersede existing procedures for seeking exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The DOL will also reopen the comment period beginning on the hearing date until approximately 14 days after the DOL publishes the hearing transcript on the Employee Benefits Security Administration’s (EBSA) web page.  

Details of the release of the proposed rule were previously announced.

Regulatory and Legislative

ESG Final Rule Published in Federal Register

ESG Final Rule Published in Federal Register

The DOL’s final rule titled Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights has been published in the Federal Register.