April 8, 2022

DOL Extends Comment Period on Proposed Rule on Exemptive Procedures

The Department of Labor ("DOL") extended the comment period on a proposed rule to change existing procedure governing the filing and processing of applications for administrative exemptions under certain statutory prohibited transaction provisions.

DOL said the proposal would "improve readability" and clarify procedures governing the applications for exemptions from the prohibited transaction provisions of (i) the Employee Retirement Income Security Act of 1974, (ii) the Internal Revenue Code of 1986 and (iii) the Federal Employees' Retirement System Act of 1986.

Comments on the proposal must now be received by May 29, 2022; they were originally due by April 14, 2022.

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