Proposed Rule2023-05522
Reopening Comment Period for the Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 23, 2023
Effective
July 27, 2022
Issuing agencies
Labor DepartmentEmployee Benefits Security Administration
Abstract
As discussed in the DATES section below, the Department of Labor's Employee Benefits Security Administration (EBSA) is announcing that it is reopening the comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption).
Full Text
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<title>Federal Register, Volume 88 Issue 56 (Thursday, March 23, 2023)</title>
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[Federal Register Volume 88, Number 56 (Thursday, March 23, 2023)]
[Proposed Rules]
[Pages 17466-17467]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05522]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
29 CFR Part 2550
[Application No. D-12022]
Z-RIN 1210 ZA07
Reopening Comment Period for the Proposed Amendment to Prohibited
Transaction Class Exemption 84-14 (the QPAM Exemption)
AGENCY: Employee Benefits Security Administration, U.S. Department of
Labor.
ACTION: Notice of proposed amendment to class exemption; reopening of
comment period.
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SUMMARY: As discussed in the DATES section below, the Department of
Labor's Employee Benefits Security Administration (EBSA) is announcing
that it is reopening the comment period for the proposed amendment to
prohibited transaction class exemption 84-14 (the QPAM Exemption).
DATES: The public comment period for the proposed amendment to the
class exemption published on July 27, 2022, at 87 FR 45204, will reopen
on the date of publication of this notice and close on April 6, 2023.
ADDRESSES: Please submit all written comments to the Office of
Exemption Determinations through the Federal eRulemaking Portal at
<a href="http://www.regulations.gov">www.regulations.gov</a> at Docket ID number: EBSA-2022-0008.
FOR FURTHER INFORMATION CONTACT: Erin Scott Hesse, Office of Exemption
Determinations, Employee Benefits Security Administration, U.S.
Department of Labor. Telephone: (202) 693-8546 (this is not a toll-free
number).
SUPPLEMENTARY INFORMATION: The Department published a proposed
amendment to prohibited transaction class exemption 84-14 (the Proposed
QPAM Exemption Amendment) on July 27, 2022, with a 60-day comment
period that was set to expire on September 26, 2022.\1\ The Department
received two letters requesting an extension of the comment period
after the Department published the Proposed QPAM Exemption
Amendment.\2\ After carefully considering the extension request, the
Department extended the initial comment period for an additional 15
days until October 11, 2022 in a Federal Register Notice published on
September 9, 2022 \3\ and received 31 comment letters.
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\1\ 87 FR 45204.
\2\ See Public Comment #1 from American Bankers Association et
al. and Public Comment #2 from American Retirement Association. The
extension requests can be accessed here: <a href="https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/rules-and-regulations/public-comments/1210-ZA07/">https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/rules-and-regulations/public-comments/1210-ZA07/</a>.
\3\ 87 FR 54715.
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In that same Federal Register notice of September 9, 2022, the
Department announced on its own motion that it would hold a virtual
public hearing on November 17, 2022 (and if necessary, on November 18,
2022), to provide an opportunity for all interested parties to testify
on material information and issues regarding the Proposed QPAM
Amendment.\4\ The Department received 13 requests to testify at the
hearing. The notice also indicated the Department would: (1) reopen the
public comment period from the hearing date until approximately 14 days
after the Department publishes the hearing transcript on EBSA's
website; and (2) publish a Federal Register notice announcing that it
has posted the hearing transcript to EBSA's website and providing the
date the reopened comment period closes.
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\4\ Id.
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The Department held the virtual public hearing on November 17, 2022
and reopened the comment period on the hearing date.\5\ The reopened
comment period in connection with the hearing closed on January 6,
2023, and the Department received 150 additional comments. The hearing
transcript may be accessed here: https://www.dol.gov/agencies/ebsa/
laws-and-regulations/
[[Page 17467]]
rules-and-regulations/public-comments/1210-ZA07.
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\5\ The hearing did not continue on November 18, 2022, because
the Department was able to schedule all witnesses that requested to
testify on one day.
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The Department understands that at least one interested party may
have additional information to provide the Department that was not
submitted by the comment deadline of January 6, 2023. Therefore, the
Department is reopening the comment period to provide an opportunity
for all interested parties to submit additional information. The
Department encourages interested parties to submit comments on the
proposed amendment before the additional reopened comment period closes
on April 6, 2023. All written comments should be identified by Z-RIN
1210 ZA07 and sent to the Office of Exemption Determinations through
the Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a> at Docket
ID number: EBSA-2022-0008. Please follow the instructions for
submitting comments.
All comments on the proposed amendment and requests to testify at
the hearing are available to the public without charge online at
<a href="https://www.regulations.gov">https://www.regulations.gov</a> at Docket ID number: EBSA-2022-0008 and
<a href="https://www.dol.gov/agencies/ebsa/laws-and-regulations/rules-and-regulations/public-comments/1210-ZA07">https://www.dol.gov/agencies/ebsa/laws-and-regulations/rules-and-regulations/public-comments/1210-ZA07</a>. They also are available for
public inspection in EBSA's Public Disclosure Room, U.S. Department of
Labor, Room N-1513, 200 Constitution Avenue NW, Washington, DC 20210.
Signed at Washington, DC, this 13th day of March, 2023.
Lisa M. Gomez,
Assistant Secretary, Employee Benefits Security Administration, U.S.
Department of Labor.
[FR Doc. 2023-05522 Filed 3-22-23; 8:45 am]
BILLING CODE 4510-29-P
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