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News Release
Labor Department Announces Adoption of Amendment to Prohibited Transaction Exemption (PTE) 97-11
Archived News Release — Caution: Information may be out of date.
Note to Editors:
Washington, DC - The U.S. Department of Labor’s Pension and Welfare Benefits Administration (PWBA) today announced adoption of an amendment to Prohibited Transaction Exemption (PTE) 97-11. PTE 97-11 allows broker-dealers to provide savings to their customers through reduced or no cost services for persons who have individual retirement accounts or Keogh plans. The amendment extends the savings opportunity to customers with individual retirement annuity accounts. These customers will now be eligible for the same savings as individuals with the retirement arrangements already covered by the exemption. The amendment is scheduled to be published in the December 12, 2002 Federal Register.
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Archived News Release — Caution: Information may be out of date.