Proposed Changes to Abandoned Plan Rules

The DOL has issued proposed changes to Prohibited Transaction Exemption 2006-06 providing guidance on the termination of abandoned plan regulations.

Document Excerpt

SUMMARY: This document contains a notice of pendency before the
Department of Labor (the Department) of a proposed amendment to PTE
2006-06, a prohibited transaction class exemption 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.


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