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ARTICLE · 29 JULY 2022

DOL Issues Proposed Amendment To The QPAM Exemption

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On June 26, 2022, the U.S. Department of Labor (DOL) announced a proposed amendment to the prohibited transaction class exemption 84-14 (the "QPAM Exemption").

United StatesEmployment and HR
Bruce E. Simonetti
Bruce E. Simonetti
Michael Roebuck
Michael Roebuck
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On June 26, 2022, the U.S. Department of Labor (DOL) announced a proposed amendment to the prohibited transaction class exemption 84-14 (the "QPAM Exemption"). The QPAM Exemption is a broad-based class exemption relied upon by many registered investment advisors (QPAMs) who manage the assets of pension plans and other employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA), and other "plans" described in Section 4975 of the Internal Revenue Code of 1986, as amended (collectively, "Plans"). Without the availability of the QPAM Exemption, many investment managers would frequently be precluded from managing the assets of a Plan. If adopted in its current form, the proposed amendment would be effective 60 days after publication of the final amendment in the Federal Register.

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