CIEBA Testifies for Greater ERISA Investment Transaction FlexibilityOn Thursday, September 15, Dennis Simmons, CIEBA Executive Director, and Michael Kreps, Principal at Groom Law Group, testified at a DOL hearing on proposed rules impacting the issuance of ERISA Prohibited Transaction Exemptions. In March of 2022, the DOL issued proposed rules that would impose more impediments for investment fiduciaries seeking Prohibited Transaction exemptive relief (see CIEBA’s May 27, 2022 comment letter in which CIEBA expressed concerns about the proposal). At the DOL hearing, Mr. Simmons testified that “[For ERISA investment Fiduciaries,] things are changing constantly, and from time to time, prudent fiduciaries and their business partners need to work with the Department to facilitate transactions beneficial to employee benefit plans that would otherwise be prohibited.” Mr. Simmons added that “[CIEBA is] here today to add our voice to others who have urged the Department to change course on the Proposed Rule.” In light of comments received and the hearing testimony, the DOL is expected to relook at its proposal. CIEBA will continue to advocate for more flexibility in this regard. If you have any questions or would like to discuss this issue, please contact Dennis Simmons at 484-838-9929. Click Here to View a Clip of the Testimony |