DOL Issues Final Rule on Prohibited Transaction Exemption Procedures

The Department of Labor has released amendments that supersede the Department’s existing procedure governing applications for exemptions from the prohibited transaction provisions of the Employee Retirement Security Act of 1974 (ERISA) and the Internal Revenue Code. This guidance finalizes proposed changes to the Exemption Procedure Regulation that were issued in March of 2022. This rule becomes effective 75 days after publication in the Federal Register.