Banned Retirement Transaction Proposal Gets More Comment Time

The U.S. Labor Department is extending the public comment period for a proposed rule that would amend the procedures retirement asset holders use to apply for banned transaction exemptions.

Major financial corporations and individual brokers use prohibited transaction exemptions to trade with parties-in-interest who have some stake in a retirement plan or for self-dealing transactions if they’re still in the best interest of plan participants.

Comments that would have been due late next week have been extended 45 days through May 29, the Employee Benefits Security Administration said Friday.

The agency received multiple letters from stakeholders requesting an extended comment ...