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ARTICLE · 15 DECEMBER 2022

DOL's Transaction Waiver Proposal Raises Issues

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The U.S. Department of Labor Employee Benefits Security Administration issued a proposal in July 2022 to tighten the rules allowing asset managers to oversee retirement plans.

United StatesEmployment and HR
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The U.S. Department of Labor (DOL)'s Employee Benefits Security Administration (EBSA) issued a proposal in July 2022 to tighten the rules allowing asset managers to oversee retirement plans. More specifically, the proposal would make changes to the Qualified Professional Asset Manager (QPAM) exemption to prohibited transactions under the Employee Retirement Income Security Act (ERISA). The QPAM exemption allows banks, savings and loan institutions, and insurance companies to handle a wide range of other business while remaining eligible to handle retirement plans governed by ERISA.

Exemptions for Ineligibility Based on Criminal Convictions

One of the major changes would be a crackdown on the use of the exemption by firms with criminal convictions or affiliated with those with criminal convictions. The DOL states that it has seen a significant increase in requests from large financial institutions seeking waivers from QPAM's ineligibility provisions

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