On April 3, 2024, the US Department of Labor (“DOL”) published the final amendment (“Amendment”) to Prohibited Transaction Class Exemption 84-14, otherwise known as the “QPAM Exemption” (“Exemption”).1 The Exemption is commonly relied on by “qualified professional asset managers” (“QPAMs” or “managers”) who meet certain requirements and manage US employee benefit and retirement account assets to avoid violations of the prohibited transaction rules under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the parallel provisions under the Internal Revenue Code of 1986, as amended.Continue Reading US Department of Labor Publishes Final Amendment to QPAM Exemption
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DOL Extends QPAM Relief to Five Financial Institutions
By Joseph A. Lifsics on
Posted in ERISA Fiduciary, Governance
The U.S. Department of Labor (“DOL”) has recently extended the relief previously granted to five financial institutions which allows these banks to continue to rely on the QPAM exemption (Prohibited Transaction Exemption 84-14). The QPAM exemption permits ERISA plans and comingled funds to engage in transactions with “parties in interest” to those ERISA clients without running afoul of ERISA’s prohibited transaction rules, provided that the ERISA plan or fund is managed by a qualified professional asset manager (“QPAM”) and certain other conditions are satisfied.
Continue Reading DOL Extends QPAM Relief to Five Financial Institutions