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ERISA Prohibited Transactions and Exemptions: Statutory, Class, and Individual Exemption Rules - Current Issues and Challenges

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, March 30, 2022

Recorded event now available

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This CLE course will provide ERISA counsel guidance on the prohibited transactions rules and available exemptions under ERISA, with an emphasis on common application of these rules. The panel will discuss critical provisions under ERISA and the Internal Revenue Code (IRC), applicable rules and procedures for statutory, class, and individual exemptions, fiduciary liability, and other critical issues for using prohibited transactions exemptions under ERISA.

Description

Section 406 of ERISA prohibits certain transactions between employee benefit plans and "parties in interest," requiring strict adherence by fiduciaries and participants. IRC 4975 may impose an excise tax on transactions involving participation by a "disqualified person." In addition, another category of prohibited transactions involve fiduciary self-dealing and conflicts of interest.

ERISA and the IRC provide specific broad based statutory exemptions from the prohibited transaction rules. These exemptions apply to anyone who meets the specified requirements. In addition, the DOL issues class and individual exemptions, which are granted only under certain circumstances and after procedural requirements are met.

The rules and procedures for obtaining a prohibited transaction exemption under ERISA and the IRC are complex. Employee benefits counsel and fiduciaries must identify transactions for potential violations and plan accordingly for any available exemptions.

Listen as our panel discusses key provisions under ERISA and the IRC, applicable rules and procedures for statutory, class, and individual exemptions, fiduciary liability, and other critical issues for obtaining prohibited transactions exemptions.

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Outline

  1. Key ERISA and Internal Revenue Code provisions, including common prohibited transactions such as late deposits, hiring a service provider, or sale of real property
  2. Statutory exemptions (such as the new fee disclosure rules for health plans)
  3. Class exemptions
  4. Individual exemptions
  5. Fiduciary liability
  6. Best practices for using and obtaining prohibited transaction exemptions

Benefits

The panel will discuss these and other key issues:

  • What are the critical provisions under ERISA and the Internal Revenue Code regarding prohibited transactions?
  • How to comply with ERISA prohibited transaction requirements and how to correct a prohibited transaction if these requirements are not met
  • What type of exemptions are available, and what are the rules and procedural requirements?
  • What are the fiduciary rules and methods to avoid or minimize liability?
  • What are the steps to obtain a prohibited transaction exemption?

Faculty

Boutwell, Sherrie
Sherrie Boutwell
Partner
Boutwell Fay

For over thirty years, Ms. Boutwell has focused her entire law practice and ongoing education on finding solutions in...  |  Read More

Jara, Jose
José M. Jara
Counsel
Fox Rothschild

Mr. Jara has over 20 years of ERISA and employee benefits experience, ranging from governmental compliance, fiduciary...  |  Read More

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