The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 8 announced that it is extending the comment period on proposed amendments to its exemption procedures to May 29, 2022.
EBSA had issued the proposed amended procedures just one month ago, and had allowed comments for 30 days after the proposed amendments were published in the Federal Register on March 15.
EBSA says in a press release that it received multiple letters requesting that the comment period be extended by at least 30 days to provide additional time to develop and submit comments.
“After carefully considering the extension requests, the department decided that it is appropriate to extend the public comment period to a total of 75 days,” said Acting Assistant Secretary for Employee Benefits Security Ali Khawar, adding that the extension is intended to allow “a full opportunity to consider the proposal and provide important input that will inform future policy.”
The DOL will now accept comments for an additional 45 days, through May 29.
About the Proposed Exemptions
The Proposed Exemption Procedure Regulation amends the department’s PTE procedure published in 2011. The DOL says the proposed regulation “would promote the department’s prompt and efficient consideration of all exemption applications” by:
- Clarifying the types of information and documentation required to complete an application.
- Revising the definitions of a qualified independent fiduciary and qualified independent appraiser to ensure their independence.
- Clarifying the content of specific reports and documents applicants must submit to ensure that the department receives sufficient information to make the requisite findings under ERISA Section 408(a) to issue an exemption.
- Updating various timing requirements to ensure clarity in the application review process.
- Specifying items that are included in the administrative record for an application and when the administrative record is available for public inspection.
- Expanding opportunities for applicants to submit information to the department electronically.
If granted, the proposed exemptions would allow designated parties to engage in transactions that would otherwise be prohibited provided the specified conditions are met.
The DOL proposes to make the proposed amendments effective 90 days after they are published in the Federal Register .
Submitting Comments
Comments should be sent to the Employee Benefits Security Administration (EBSA), Office of Exemption Determinations, U.S. Department of Labor, Attention: Application No. , stated in each Notice of Proposed Exemption via e-mail to [email protected] or online through http://www.regulations.gov by the end of the scheduled comment period.
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