DOL Gives Prohibited Transaction Exemptions On ERISA-Covered IRAs, In-Kind Contributions

The Department of Labor granted two individual prohibited transaction exemption requests, one dealing with individual retirement accounts covered under the Employee Retirement Income Security Act and the other regarding in-kind contributions.

In both cases, the exemptions were allowed, because they were administratively feasible, in the interests of the affected plans and their participants and beneficiaries, and protective of the rights of affected participants and beneficiaries, the DOL said in a Nov. 6 notice.

New York-based Renaissance Technologies LLC requested in August an amendment to PTE 2012-10, which the DOL granted in 2012 41 BPR 1679, 8/19/14, 157 PBD, 8/14/14