Banned Transaction Exemption Process Would Change Under New Rule

The U.S. Labor Department wants to amend the procedures retirement asset holders use to apply for banned transaction exemptions.

Proposed amendments the department’s employee benefits arm issued Tuesday would adjust language the agency uses to define terms and update or clarify timing applicants have to provide documentation. The changes would also clarify the types of information and documentation required and expand opportunities for electronic submissions.

“The proposed amended exemption procedure will create more clarity, certainty and transparency around the exemption application process,” said Acting Assistant Secretary for Employee Benefits Security Ali Khawar in an emailed statement. “Ensuring consistent and transparent ...