The U.S Department of Labor's Employee Benefits Security Administration has unveiled a final amendment to a prohibited transaction exemption that broadens the transactions allowed for employee benefit plans whose assets are managed by in-house asset managers.
PTE 96-23, a class exemption under the Employee Retirement Income Security Act, also imposes conditions to protect plans and their assets. The exemption allows in-house managers of large employee benefit plans to engage in a wide range of transactions with related parties.
The final amendment to PTE 96-23 includes four parts:
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