DOL Weighs Updating AT&T Exemption for Prior Pension Transaction

The Labor Department is proposing to amend an AT&T pension-related exemption from certain benefits law conflict-of-interest standards to cover an agreement between the company and an independent fiduciary.

The proposal issued Monday from the Employee Benefits Security Administration would amend a prohibited transaction exemption previously granted to AT&T as it sought to contribute securities interests to the trust that holds the assets of its pension benefit plan.

The change would cover alterations to the agreement after AT&T negotiated with Brock Fiduciary Services to modify the terms of the trust to increase the transferability of the “preferred interests.” The fiduciary approved ...