DOL Opines on Scope of PTE 86-128


In Advisory Opinion 2011-08A (June 21, 2011), the U.S. Department of Labor (DOL) concluded that ERISA “investment advice” fiduciaries are within the scope of Prohibited Transaction Exemption (PTE) 86-128, thus confirming the availability of conditional relief for such a fiduciary (or an affiliate) to effect securities transactions or cross trades for a fee as an agent for an ERISA plan.

- This is one of several long-standing, unresolved issues under existing ERISA prohibited transaction relief that takes on greater importance in light of DOL’s proposed expansion of the definition of “fiduciary.”

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