Prior exemptions may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.
Grant Notices
PTE 2022-01; D-12065
G: 87 FR 23249 (04/19/22)
P: 87 FR 1186 (01/10/22)
Credit Suisse Group AG (CSG)
This exemption provides that certain entities with specified relationships to Credit Suisse AG (CSAG) and Credit Suisse Securities (Europe) Limited (CSSEL) will not be precluded from relying on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding certain judgments of conviction against CSAG and CSSEL. CSG owns a 100% interest in CSAG, and CSSEL is indirectly a wholly-owned subsidiary of CSG.
PTE 2022-02; L-12008
G: 87 FR 23245 (04/19/22)
P: 86 FR 52210 (09/20/21)
Phillips 66 Company (Captive Reinsurance)
This exemption permits the reinsurance of risks and the receipt of premiums therefrom by Spirit Insurance Company, an affiliate of Phillips 66, in connection with insurance contracts sold by Zurich Life Insurance Company, or any successor fronting insurer meeting the requirements of this exemption, to provide life insurance, travel assistance, occupational accidental death, and accidental death and dismemberment benefits to participants in the Phillips 66 Group Life Insurance Plan (the Plan) provided certain conditions are met. Pursuant to this exemption, plan participants receive certain enhanced Plan benefits.
PTE 2022-03; L-12021
G: 87 FR 54264 (09/02/22)
P: 86 FR 52217 (09/20/21)
Comcast Corporation (Captive Reinsurance)
This exemption permits the reinsurance of risks and the receipt of premiums therefrom by One Belmont Insurance Company, an affiliate of Comcast, in connection with insurance contracts sold by Prudential Insurance Company, or any successor fronting insurer meeting the requirements of this proposed exemption, to provide group term life insurance benefits to participants in the life insurance component of the Comcast Corporation Comprehensive Health and Welfare Benefit Plan provided certain conditions are met. The exemption provides that plan participants will receive a reduction in their portion of their dental premiums.
PTE 2022-04; D-12048
G: 87 FR 71358 (11/22/22)
P: 87 FR 13324 (03/09/22)
The Children’s Hospital of Philadelphia Pension Plan for Union-Represented Employees (the Plan)
This exemption permits the sale of certain illiquid private fund interests by the Plan to the Children’s Hospital of Philadelphia Foundation.
Proposed Exemptions
D-12067
Proposed Exemption for Certain Prohibited Transaction Restrictions Involving Citigroup, Inc. (Citigroup)
If this proposed exemption is granted, certain asset managers with specified relationships to Citigroup (the Citigroup Affiliated QPAMs and the Citigroup Related QPAMs, as defined in Section I(b) and Section I(c), respectively, of the proposed exemption) will not be precluded from relying on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgment of conviction against Citigroup for entering into and engaging, through one of its euro/U.S. dollar (EUR/USD) traders, in a combination and conspiracy to fix, stabilize, maintain, increase or decrease the price of, and rig bids and offers for, the EUR/USD currency pair exchanged in the Foreign Exchange Spot Market by agreeing to eliminate competition in the purchase and sale of the EUR/USD currency pair in the United States and elsewhere. This proposed exemption, if granted, will be effective for a period of four years from January 10, 2023, through January 9, 2027, if the exemption’s conditions and definitions are satisfied. The comment period for the proposed exemption will expire on January 9, 2023.
D-12031
Midlands Management Corporation 401(k) Plan (the Plan)
If granted, this proposed exemption would permit: (1) the payment of $8,292,189 to the Plan on December 18, 2018, by Safety National Casualty Corporation, the corporate parent of Midlands Management Corporation (Midlands), the Plan sponsor, in exchange for the Plan's assignment to Midlands of the Plan's right to proceeds from certain lawsuits (the Assigned Interests); and (2) the potential additional cash payment(s) by Midlands to the Plan if the amount(s) Midlands recovers from the Assigned Interests exceeds $8,292,189.
D-12012
The DISH Network Corporation 401(k) Plan and the EchoStar 401(k) Plan (together, the Plans)
If granted, this proposed exemption would permit the past acquisition and holding by the Plans of certain subscription rights (the Rights) that were issued by the DISH Network Corporation (DISH) to the individually-directed accounts of participants in the Plans during a rights offering that occurred from November 26-29, 2019.
D-12048
The Children’s Hospital of Philadelphia Pension Plan for Union-Represented Employees (the Plan)
If granted, this proposed exemption would permit the sale of certain illiquid private fund interests by the Plan to the Children's Hospital of Philadelphia Foundation.
D-12077
Blue Cross and Blue Shield Association (BCBSA)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield Association (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the Plan sponsor, BCBSA, to make a series of payments to the Plan, including: (1) the past payment of $69,000,000, made on March 12, 2021; and (2) the past payment of $13,500,000, made on March 28, 2022 (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments amount, plus reasonable attorney fees to BCBSA.
D-12039
Blue Cross and Blue Shield of Kansas City (BCBS KC)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield of Kansas City (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the Plan sponsor, BCBS KC, to make a series of payments to the Plan, including the past payment of $87,000,000, made to the Plan on September 9, 2021, and additional payments to the Plan totaling $13,000,000 by December 31, 2024 (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments amount already received by the Plan, plus reasonable attorney fees to BCBS KC.
D-12035
Blue Cross and Blue Shield of Arizona, Inc. (BCBS AZ)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield of Arizona, Inc. (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the Plan sponsor, BCBS AZ, to make a series of payments to the Plan, including: (1) past payments totaling $130,000,000; and (2) future amounts necessary for (a) the Plan’s assets to be equal to or greater than 100% of the Plan’s current liabilities, and (b) the Plan to have an adjusted funding target attainment percentage of 110% (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments, plus reasonable attorney fees to BCBS AZ.
D-12055
Blue Cross and Blue Shield of Vermont (BCBS VT)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield of Vermont (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the Plan sponsor, BCBS VT, to make a series of payments to the Plan over a four-year period (the Restorative Payments). The Restorative Payments will return the Plan to at least the Plan’s funding level (126.61%) as of January 1, 2019. If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments amount, plus reasonable attorney fees to BCBS VT.
D-12038
Hawaii Medical Service Association (HMSA)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Hawaii Medical Service Association (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the past payment of $50,000,000 by HMSA, the Plan sponsor, to the Plan (the Restorative Payment). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payment amount already received by the Plan, plus reasonable attorney fees to HMSA.
D-12036
BCS Financial Corporation (BCS)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of BCS Financial Corporation (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the Plan sponsor, BCS, to make a series of payments to the Plan, including: (1) past payments totaling $19,600,000; and (2) a payment of $1,800,000 on or before September 13, 2023 (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments, plus reasonable attorney fees to BCS.
D-12040
Blue Cross and Blue Shield of Mississippi, A Mutual Insurance Company (BCBS MS)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield of Mississippi (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the past payments of $70,000,000 and $12,000,000 by the Plan sponsor, BCBS MS, to the Plan (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments, plus reasonable attorney fees to BCBS MS.
D-12041
Blue Cross and Blue Shield of Nebraska, Inc. (BCBS Nebraska)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of Blue Cross and Blue Shield of Nebraska, Inc. (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the past payments of $7,000,000 and $6,600,000 by the Plan sponsor, BCBS Nebraska, to the Plan (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments, plus reasonable attorney fees to BCBS Nebraska.
D-12045
BlueCross BlueShield of Tennessee (BCBS Tennessee)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the BlueCross BlueShield of Tennessee, Inc. Pension Plan (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the past payment of $100,000,000 to the Plan by the Plan sponsor, BCBS Tennessee (the Restorative Payment). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payment, plus reasonable attorney fees to BCBS Tennessee.
D-12042
Triple-S Management Corporation (Triple-S)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Triple-S Management Corporation Non-Contributory Retirement Plan (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit the past payment of $10,000,000 by Triple-S, the Plan sponsor, to the Plan (the Restorative Payment). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payment amount, plus reasonable attorney fees to Triple-S.
D-12049
National Account Service Company LLC (NASCO)
The proposed exemption relates to legal actions and claims (the Claims) against Allianz Global Investors U.S. LLC and Aon Investments USA Inc., that arose from certain losses incurred by the Non-Contributory Retirement Program for Certain Employees of NASCO (the Plan) in the first quarter of 2020. If granted, this proposed exemption would permit NASCO, the Plan sponsor, to make payments totaling $50,000,000 to the Plan (the Restorative Payments). If the Plan receives litigation proceeds from the Claims, the Plan will transfer the lesser of the litigation proceeds amount or the Restorative Payments, plus reasonable attorney fees to NASCO.
D-12064
Proposed Exemption for Certain Prohibited Transaction Restrictions Involving JPMorgan Chase Co. (JPMC)
If this proposed exemption is granted, certain asset managers with specified relationships to JPMC (the JPMC Affiliated QPAMs and the JPMC Related QPAMs, as defined in Section I(e) and Section I(f), respectively, of the proposed exemption) will not be precluded from relying on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgment of conviction against JPMC for engaging in a conspiracy to fix the price of, or eliminate competition in, the purchase or sale of the euro/U.S. dollar currency pair exchanged in the Foreign Exchange Spot Market. This proposed exemption, if granted, will be effective for a period of four years beginning on January 10, 2023, and ending on January 9, 2027, if the exemption’s conditions and definitions are satisfied. The comment period for the proposed exemption will expire on December 19, 2022.
Withdrawal of Proposed Exemption
D-12002
Withdrawal Notice: 87 FR 3588 (01/24/22)
P: 86 FR 64688 (11/18/21)
Retirement System of the American National Red Cross (the Red Cross)
If granted, this proposed exemption would permit the Red Cross to contribute nine condominiums to the Retirement System of the American National Red Cross (the Plan) and permit the assignment of certain rights and obligations from the Red Cross to the Plan in connection with the Contribution. Subsequent to the publication of the proposed exemption in the Federal Register, the Red Cross informed the Department that the Red Cross had decided not to pursue the requested exemption, due to changed circumstances.