Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications

Document 2024-00586 is a Final Rule published by the Department of Labor in the Federal Register on January 24, 2024, with an effective date of April 8, 2024. The Department of Labor (the Department) is adopting amendments to its existing procedure 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 Amendments). The Secretary of Labor (the Secretary) is authorized to grant exemptions from the prohibited transaction provisions of ERISA, the Code, and FERSA and to establish an exemption procedure to provide for such relief. The Amendments update and supersede the Department's existing prohibited transaction exemption procedures. View the original at https://www.federalregister.gov/documents/2024/01/24/2024-00586/procedures-governing-the-filing-and-processing-of-prohibited-transaction-exemption-applications.

No. Document 2024-00586 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.