Employee Benefits Security Administration November 21, 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 of the prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act). If the proposed exemption is granted, the Meta Platforms Inc. Health and Welfare Benefit Plan (the Plan) would enter into an insurance contract with Prudential Life Insurance Company of America (Prudential). The contract would cover the Plan's group term life insurance benefits, accidental death and dismemberment benefits, and survivor income benefits (the Covered Insurance). Prudential would then reinsure the Covered Insurance by entering into a reinsurance contract with Ekahi Insurance Company, LLC (Ekahi), an insurance company that is owned by Meta Platforms, Inc. (Meta). Importantly, at all times and in all events, Prudential would remain fully and completely responsible to the Plan with respect to the Covered Insurance, regardless of whether Ekahi met its obligations to Prudential.