Amendment to Prohibited Transaction Class Exemption 84-14 for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption)

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of Labor Employee Benefits Security Administration 29 CFR Part 2550 [Application No. D-12022] Z-RIN 1210 ZA07 ( printed page 23090) AGENCY: Employee Benefits Security Administration, U.S. Department of Labor. ACTION: Final amendment to class exemption. SUMMARY: This document gives notice of a granted amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption). The QPAM Exemption provides relief from certain prohibited transaction restrictions of Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and Title II of ERISA, as codified in the Internal Revenue Code of 1986, as amended (the Code). DATES: The amendment is effective June 17, 2024. FOR FURTHER INFORMATION CONTACT: Brian Mica, telephone (202) 693-8540, Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor (this is not a toll-free number). SUPPLEMENTARY INFORMATION: Background Title I of ERISA broadly prohibits transactions between plans and any “party in interest”—who, in general, are people or entities closely connected to ERISA-covered employee benefit plans as defined in ERISA section 3(3). Title II of ERISA, codified in the Code, includes parallel prohibitions applicable to “disqualified persons”  [ 1 ] who, in general, are persons or entities closely connected to plans  [ 2 ] as defined in Code section 4975(e)(1). Absent an exemption, ERISA section 406(a)(1)(A) t…