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ARTICLE · 08 AUGUST 2022

DOL Proposes Changes To QPAM Exemption

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On July 27, 2022, the US Department of Labor (DOL) released Proposed Amendment (Proposal) to PTCE 84-14 (QPAM Exemption), which is commonly utilized by financial institutions to conduct routine...

United StatesEmployment and HR
Uri Horowitz
Uri Horowitz
Douglas S. Pelley
Douglas S. Pelley
Kathleen Wechter
Kathleen Wechter
Megan F. Juel
Megan F. Juel
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On July 27, 2022, the US Department of Labor (DOL) released Proposed Amendment (Proposal) to PTCE 84-14 (QPAM Exemption), which is commonly utilized by financial institutions to conduct routine transactions involving private sector retirement plans and individual retirement accounts (Plans) that would otherwise be treated as a prohibited transaction under ERISA or the Internal Revenue Code. The proposed changes are significant and, if adopted, would impact banks, registered investment advisers, hedge funds, and other financial services firms and counterparties that provide products and services to, or transact with, Plans or plan asset vehicles.

Key changes in the Proposal are summarized below.

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