The DOL issues an amended Prohibited Transaction Exemption governing a QTA’s actions with respect to the termination of an abandoned or orphaned plan.
Document Excerpt
This document amends PTE 2006-06 (71 FR 20856, Apr. 21, 2006), a prohibited transaction class exemptioin issued under the Employee Retirement Income Security Act of 1974 (ERISA). Among other things, PTE 2006-06 permits a “qualified termination administrator” (QTA) of an individual account plan that has been abandoned by its sponsoring employer to select itself to provide services to the plan in connection with the plan’s termination, and to pay itself fees for those services.
Link http://www.dol.gov/federalregister/HtmlDisplay.aspx?DocId=21585&AgencyId=8&DocumentType=3
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