Biden Big Bank Exemption Rule for 401(k)s Finalized by DOL (1)

Wall Street asset managers whose institutions have faced foreign criminal charges will soon find it harder to oversee workplace retirement assets without running afoul of federal benefits law protections.

The US Labor Department has finalized a long-awaited set of stricter conditions on its qualified professional asset manager prohibited transaction exemption, a prized designation big banks and financial advisers use to manage pension assets and 401(k)s.

Major international financial players, including Deutsche Bank AG, UBS Group AG, JPMorgan Chase & Co., Goldman Sachs Group Inc., and Credit Suisse Group AG, have already been forced to seek individual ...