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2018-02-07
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Amendment to and Partial Revocation of Prohibited Transaction Exemption (PTE) 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters
Part V
Rules and Regulations
D09002ee1bdc1d1b0
D09002ee1bdc1d2ab
United States
Department of Labor
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United States Government Agency or Subagency
United States
Employee Benefits Security Administration
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org
United States Government Agency or Subagency
This document amends and partially revokes Prohibited Transaction Exemption (PTE) 84-24, an exemption from certain prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code). The ERISA and Code provisions at issue generally prohibit fiduciaries with respect to employee benefit plans and individual retirement accounts (IRAs) from engaging in self-dealing in connection with transactions involving these plans and IRAs. Non-fiduciary service providers also may not enter into certain transactions with plans and IRAs without an exemption. The amended exemption allows fiduciaries and other service providers to receive compensation when plans and IRAs purchase insurance contracts, ``Fixed Rate Annuity Contracts,'' as defined in the exemption, securities of investment companies registered under the Investment Company Act of 1940, as well as certain related transactions. The amendments increase the safeguards of the exemption. This document also contains the revocation of the exemption as it applies to plan and IRA purchases of annuity contracts that do not satisfy the definition of a Fixed Rate Annuity Contract, and the revocation of the exemption as it applies to IRA purchases of investment company securities. The amendments and revocations affect participants and beneficiaries of plans, IRA owners, and certain fiduciaries and service providers of plans and IRAs.
81 FR 21147
https://www.govinfo.gov/app/details/FR-2016-04-08/2016-07928
2016-07928
fr08ap16-19
4510-29-P
Application Number D-11850
https://www.govinfo.gov/app/details/FR-2016-04-08/2016-07928
https://www.govinfo.gov/content/pkg/FR-2016-04-08/html/2016-07928.htm
https://www.govinfo.gov/content/pkg/FR-2016-04-08/pdf/2016-07928.pdf
35 p.
21147
21181
81 FR 21147
Code of Federal Regulations
Title 29 Part 2550
29 CFR Part 2550
Amendment to and Partial Revocation of Prohibited Transaction Exemption (PTE) 84-24 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters; Federal Register Vol. 81, Issue
RULE
2016-07928
V
DEPARTMENT OF LABOR
Employee Benefits Security Administration
Application Number D-11850
4510-29-P
2016-07928
Adoption of amendment to and partial revocation of PTE 84-24.
This document amends and partially revokes Prohibited Transaction Exemption (PTE) 84-24, an exemption from certain prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code). The ERISA and Code provisions at issue generally prohibit fiduciaries with respect to employee benefit plans and individual retirement accounts (IRAs) from engaging in self-dealing in connection with transactions involving these plans and IRAs. Non-fiduciary service providers also may not enter into certain transactions with plans and IRAs without an exemption. The amended exemption allows fiduciaries and other service providers to receive compensation when plans and IRAs purchase insurance contracts, ``Fixed Rate Annuity Contracts,'' as defined in the exemption, securities of investment companies registered under the Investment Company Act of 1940, as well as certain related transactions. The amendments increase the safeguards of the exemption. This document also contains the revocation of the exemption as it applies to plan and IRA purchases of annuity contracts that do not satisfy the definition of a Fixed Rate Annuity Contract, and the revocation of the exemption as it applies to IRA purchases of investment company securities. The amendments and revocations affect participants and beneficiaries of plans, IRA owners, and certain fiduciaries and service providers of plans and IRAs.
Issuance date: This amendment and partial revocation is issued June 7, 2016.
Brian Shiker or Brian Mica, Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue NW., Suite 400, Washington, DC 20210, (202) 693-8824 (not a toll-free number).
Amendment to and Partial Revocation of Prohibited Transaction Exemption 8424 for Certain Transactions Involving Insurance Agents and Brokers, Pension Consultants, Insurance Companies, and Investment Company Principal Underwriters
,
http://www.dol.gov/ebsa/pdf/labor-cost-inputs-used-in-ebsa-opr-ria-and-pra-burden-calculations-march-2016.pdf
http://www.finra.org/industry/finra-rule-2210-questions-and-answers
http://www.finra.org/sites/default/files/InvestorDocument/p125846.pdf
http://www.nasaa.org/5611/statement-on-sec-equity-indexed-annuity-rule/
http://www.RegInfo.gov
http://www.sec.gov/investor/pubs/varannty.htm
https://www.finra.org/investors/alerts/equity-indexed-annuities_a-complex-choice
https://www.sec.gov/answers/annuity.htm
https://www.sec.gov/investor/alerts/secindexedannuities.pdf
https://www.sec.gov/news/studies/2011/913studyfinal.pdf
www.dol.gov/ebsa
Federal Register
Vol. 81, no. 68
Office of the Federal Register, National Archives and Records Administration
2016-04-08
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708 p.
Table of Contents:
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https://www.govinfo.gov/app/details/FR-2016-04-08
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https://www.govinfo.gov/app/details/FR-2016-04-08
https://www.govinfo.gov/content/pkg/FR-2016-04-08/pdf/FR-2016-04-08.pdf
https://www.govinfo.gov/content/pkg/FR-2016-04-08/xml/FR-2016-04-08.xml
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