ESOP Proposed Rule on Hold

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions pursuant to SECURE 2.0 has been withdrawn from publication in the Federal Register pending further review pursuant to executive order. The proposal was aimed at implementing acceptable standards and procedures to establish good faith fair market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. According to the order, the proposal will be reviewed by the agency in light of the change in administration.