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 2023-01; D-12064
G: 88 FR 1418 (01/10/23)
P: 87 FR 63802 (10/20/22)
JPMorgan Chase Co. (JPMC)
This exemption permits 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 exemption) to continue 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 exemption is 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.
PTE 2023-02; D-12067
G: 88 FR 4023 (01/23/23)
P: 87 FR 68728 (11/16/22)
Citigroup, Inc. (Citigroup)
This exemption permits 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 exemption) to continue 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 exemption is effective for a period of four years from January 10, 2023, through January 9, 2027, if the exemption’s conditions and definitions are satisfied.
PTE 2023-03; D-12077
G: 88 FR 11676 (02/23/23)
P: 87 FR 52119 (08/24/22)
Blue Cross and Blue Shield Association (BCBSA)
This 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. This exemption permits 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.
PTE 2023-04; D-12035
G: 88 FR 11679 (02/23/23)
P: 87 FR 52130 (08/24/22)
Blue Cross and Blue Shield of Arizona Inc. (BCBS AZ)
This 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. This exemption permits 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's fees to BCBS AZ.
PTE 2023-05; D-12055
G: 88 FR 11681 (02/23/23)
P: 87 FR 52135 (08/24/22)
Blue Cross and Blue Shield of Vermont (BCBS VT)
This 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. This exemption permits 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's fees to BCBS VT.
PTE 2023-06; D-12038
G: 88 FR 11684 (02/23/23)
P: 87 FR 52141 (08/24/22)
Hawaii Medical Service Association (HMSA)
This 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. This exemption permits 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's fees to HMSA.
PTE 2023-07; D-12036
G: 88 FR 11686 (02/23/23)
P: 87 FR 52146 (08/24/22)
BCS Financial Corporation (BCS)
This 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. This exemption permits 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's fees to BCS.
PTE 2023-08; D-12040
G: 88 FR 11689 (02/23/23)
P: 87 FR 52152 (08/24/22)
Blue Cross and Blue Shield of Mississippi, A Mutual Insurance Company (BCBS MS)
This 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. This exemption permits 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's fees to BCBS MS.
PTE 2023-09; D-12041
G: 88 FR 11691 (02/23/23)
P: 87 FR 52157 (08/24/22)
Blue Cross and Blue Shield of Nebraska, Inc. (BCBS Nebraska)
This 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. This exemption permits 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's fees to BCBS Nebraska.
PTE 2023-10; D-12045
G: 88 FR 11694 (02/23/23)
P: 87 FR 52163 (08/24/22)
BlueCross BlueShield of Tennessee (BCBS Tennessee)
This 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. This exemption permits 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's fees to BCBS Tennessee.
PTE 2023-11; D-12031
G: 88 FR 11696 (02/23/23)
P: 87 FR 13315 (03/09/22)
Midlands Management Corporation 401(k) Plan (the Plan)
This exemption permits: (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.
PTE 2023-12; D-12012
G: 88 FR 11699 (02/23/23)
P: 87 FR 13320 (03/09/22)
The DISH Network Corporation 401(k) Plan and the EchoStar 401(k) Plan (together, the Plans)
This exemption permits the past acquisition and holding by the Plans of certain subscription rights that were issued by the DISH Network Corporation to the individually-directed accounts of participants in the Plans during a rights offering that occurred from November 26-29, 2019.
PTE 2023-13; D-12080
G: 88 FR 26336 (04/28/23)
P: 88 FR 1408 (01/10/23)
TT International Asset Management Ltd. (TTI)
This exemption permits TTI to continue to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84–14 for a period of one year, beginning on February 13, 2023, and ending on February 12, 2024, notwithstanding the judgment of conviction against TTI’s affiliate, Sumitomo Mitsui Banking Corporation Nikko Securities, Inc. (Nikko Tokyo) for attempting to peg, fix or stabilize the prices of certain Japanese equity securities that Nikko Tokyo was attempting to place in a block offering. The Department granted the exemption to ensure that the participants and beneficiaries of ERISA-covered plans and IRAs managed by TTI are protected.
PTE 2023-14; D-12089
G: 88 FR 36337 (06/02/23)
P: 88 FR 30785 (05/12/23)
UBS AG (UBS) and Credit Suisse Group AG (CSAG)
This exemption permits certain asset managers related to UBS and CSAG (the UBS QPAMs, CS Affiliated QPAMs, and the CS Related QPAMs), to continue to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84–14, notwithstanding the upcoming merger between CSAG and UBS (the Merger). The Department previously issued several temporary individual prohibited transaction exemptions (PTEs) that allow these asset managers to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding certain criminal convictions involving entities within the UBS and CSAG corporate umbrellas. Those individual exemptions will no longer be available following the Merger and this exemption would allow the UBS QPAMs, CS Affiliated QPAMs and the CS Related QPAMs to continue to rely on PTE 84–14 as of the date of the Merger for one year if certain conditions are met.
PTE 2023-15; D-12075
G: 88 FR 42953 (07/05/23)
P: 88 FR 18333 (03/28/23)
Pacific Investment Management Company LLC (PIMCO)
This exemption permits certain asset managers with specified relationships to PIMCO to continue to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84–14, notwithstanding the judgment of conviction to be entered July 12, 2023, against Allianz Global Investors US LLC for one count of securities fraud.
PTE 2023-16; D-12026
G: 88 FR 45928 (07/18/23)
P: 88 FR 8463 (02/09/23)
Unit Corporation Employees' Thrift Plan (the Plan)
This exemption permits the acquisition and holding by the Plan participants' accounts of warrants (the Warrants) issued by Unit Corporation, the Plan sponsor, in connection with Unit Corporation's Chapter 11 bankruptcy filing in exchange for the participants' waiver of claims against "Released Parties," as defined in the proposed exemption.
PTE 2023-17; D-11963
G: 88 FR 49497 (07/31/23)
P: 86 FR 57446 (10/15/21)
J.P. Morgan Securities LLC, J.P. Morgan Investment Management Inc., J.P. Morgan Advisors (Formerly, J.P. Morgan Securities; JPMS Brokerage), and Chase Wealth Management (Collectively, the Applicants)
This exemption permits, effective December 14, 2010, until September 16, 2013, certain principal trades involving the Applicants, and certain of their client plans that are subject to Code Section 4975 but are not covered by Title I of ERISA (the Non-ERISA Plan Clients). The principal transactions resulted in the Non-ERISA Plan Clients purchasing or selling securities from or to the Applicants.
PTE 2023-18; D-12023
G: 88 FR 55078 (08/14/23)
P: 88 FR 8469 (02/09/23)
The Liberty Media 401(k) Savings Plan (the Plan) and the Liberty Media 401(k) Savings Plan Trust
This exemption permits, for the period beginning May 18, 2020, and ending June 5, 2020: (1) the Plan’s acquisition of certain stock subscription rights (the Rights) to purchase shares of the Series C Liberty SiriusXM common stock, in connection with a rights offering (the Rights Offering) by Liberty Media Corporation, the Plan sponsor; and (2) the Plan’s holding of the Rights during the subscription period of the Rights Offering.
PTE 2023-19; D-12003
G: 88 FR 67817 (10/02/23)
P: 86 FR 34048 (06/28/21)
Mitsubishi UJF Trust and Banking Corporation (Mitsubishi)
This exemption permits Mitsubishi, a foreign banking corporation organized under the laws of Japan, and its affiliate, MUFG Alternative Fund Services (Cayman) Limited, (together referred to as, “MUTB”), to engage in certain transactions with employee benefit plans that are subject to ERISA and the Code, in connection with MUTB’s arrangement and syndication of revolving lines of credit to certain investment funds, which are secured by the capital commitments of the funds’ investors.
PTE 2023-20; D-12032 and D-12033, respectively
G: 88 FR 67815 (10/02/23)
P: 88 FR 8472 (02/09/23)
The Occidental Petroleum Corporation Savings Plan (the Oxy Plan) and the Anadarko Employee Savings Plan (the Anadarko Plan)
This exemption permits: (1) the acquisition, on August 3, 2020, by the Oxy Plan and the Anadarko Plan (together, the Plans), of stock warrants (the Warrants) issued by Occidental Petroleum Company; and (2) the holding of the Warrants by the Plan.
PTE 2023-21; D-11955
G: 88 FR 85918 (12/11/23)
P: 86 FR 64695 (11/18/21)
Morgan Stanley & Co. LLC, and Its Current and Future Affiliates and Subsidiaries (Morgan Stanley or the Applicant)
This exemption permits Morgan Stanley to engage in certain transactions with Mitsubishi UFJ Financial Group, Inc., or an affiliate of Mitsubishi UFJ Financial Group, Inc., that are modeled after the following class exemptions: Prohibited Transaction Exemption (PTE) 75–1, Part III and Part IV, PTE 77–3, PTE 77–4, PTE 79–13, PTE 86–128, and PTE 2002–12.
Proposed Exemptions
D-12096
TT International Asset Management Ltd (TTI)
If granted, TTI would not be precluded from relying on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgment of conviction against SMBC Nikko Securities, Inc. (Nikko Tokyo) in Tokyo District Court for attempting to peg, fix or stabilize the prices of certain Japanese equity securities that Nikko Tokyo was attempting to place in a block offering that occurred on February 13, 2023. If granted, this proposed exemption would be effective for a period of five years beginning on February 13, 2024, and ending on February 12, 2029, if the exemption’s conditions and definitions are satisfied.
L-11954
Fedeli Group Inc. Employee Benefits Plan (the Plan)
If granted, the Plan sponsored by Fedeli Group, Inc. (Fedeli Group or the Applicant) will enter into an insurance contract with THP Insurance Company, Inc. (THP), an unrelated insurance company, and THP will, in turn, enter a reinsurance arrangement with Risk Specialists LLC (Risk Specialists), a captive reinsurance company affiliated with Fedeli Group. Under the reinsurance arrangement, Risk Specialists will reinsure the insurance risks associated with the Benefit Plan. The reinsurance arrangement would result in an indirect transfer of premium payments from the Benefit Plan to Risk Specialists, LLC.
L-12016
United Automobile, Aerospace and Agricultural Implement Workers of America (the UAW)
If granted, this proposed exemption would permit: (1) the receipt of a note (the Note) by the UAW Retirees Health Care Trust together with the Retiree Plan (the Retiree VEBA) from the UAW; and (2) the receipt of collateral on the Note by the Retiree VEBA from the UAW in connection with a court-approved settlement agreement. The collateralized Note is intended to help ensure that the Retiree VEBA receives all the contributions it is due from the UAW pursuant to the settlement agreement. This proposed exemption would not affect or reduce the amount or types of benefits offered under the Retiree VEBA.
L-11989
Notice of Comment Period Extension: 88 FR 45449 (07/13/23
Association of Washington Business (AWB) HealthChoice Employee Benefits Trust
If granted, this proposed exemption would permit the trustee of a plan funded by the AWB HealthChoice Employee Benefits Trust to hire entities affiliated with AWB to provide services to the plan for a fee, subject to conditions designed to safeguard the interests of the plan and its participants and beneficiaries.
Technical Corrections For Prior Year Grants
PTE 2016-10; D-11868
O: 88 FR 85931 (12/11/23)
G: 81 FR 75147 (10/28/16)
P: 81 FR 70562 (10/12/16)
Royal Bank of Canada (RBC)
This temporary exemption, as corrected, permits certain entities with specified relationships to Royal Bank of Canada Trust Company (Bahamas) Limited (the RBC QPAMs) to rely on the exemptive relief provided by Prohibited Transaction Exemption (PTE) 84–14, notwithstanding a judgment of conviction against Royal Bank of Canada Trust Company (Bahamas) Limited for aiding and abetting tax fraud, to be entered in France in the Court of Appeal, French Special Prosecutor No. 1120392066, French Investigative Judge No. JIRSIF/11/12 or another court of competent jurisdiction.