The U.S. Department of Labor's Employee Benefits Security Administration published a final rule updating the procedures for filing and processing applications for prohibited transaction exemptions under the Employee Retirement Income Security Act.
The final rule revises decades-old procedures.
"This rule is designed to simplify and bring transparency to the exemption application process," said Phyllis C. Borzi, assistant secretary of labor for the Employee Benefits Security Administration. "It's reflective of the administration's commitment to update and refine regulations to make compliance easier, while also promoting openness around transactions involving worker benefit plans."
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