Employee Benefits Security Administration October 1, 2024 – Federal Register Recent Federal Regulation Documents

This document provides notice of the pendency before the Department of Labor (the Department) of a proposed individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code). This proposed exemption would provide an exemption for the Trustees of the United Brotherhood of Carpenters Pension Fund (the Plan) to sell 19.25 acres of improved real property (the Property) on behalf of the Plan to the United Brotherhood of Carpenters and Joiners of America (UBC) for cash (the Sale). The exemption, if granted, requires adherence to a number of conditions, including that an independent fiduciary will represent the Plan for all purposes with respect to the Sale. The amount of benefits that Plan participants are due under the Plan will not be affected by the exemption.