Data / Federal rules / 2024-09030
Prohibited Transaction Exemption 2006-06 for Services Provided in Connection With the Termination of Abandoned Individual Account Plans
The Employee Benefits Security Administration published this final rule in the Federal Register on May 17, 2024. It took effect on July 16, 2024.
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What the agency says
This document gives notice of an amendment to prohibited transaction exemption (PTE) 2006-06, a class exemption issued under the Employee Retirement Income Security Act of 1974 (ERISA). The exemption permits a "qualified termination administrator" (QTA) of an individual account pension plan that has been abandoned by its sponsoring employer to select itself to provide services to the plan in connection with the plan's termination and pay itself fees for the services. This amendment to PTE 2006-06 permits chapter 7 trustees who elect to be QTAs to rely on the exemption. This amendment to PTE 2006- 06 also permits "eligible designees" of such chapter 7 trustees to rely on the exemption. The amendment is issued in connection with amendments to three related regulations under ERISA, published elsewhere in this issue of the Federal Register, that provide streamlined procedures for the termination of, and distribution of benefits from, abandoned individual account pension plans. The amendment would affect employee pension benefit plans (primarily small defined contribution plans), participants and beneficiaries of such plans, service providers, and individuals appointed to serve as bankruptcy trustees under chapter 7 of the U.S. Bankruptcy Code.
Key facts
- Document number
- 2024-09030
- Type
- Final rule
- Action
- Exemption amendment
- Agency
- Labor Department; Employee Benefits Security Administration
- Published
- May 17, 2024
- Takes effect
- July 16, 2024
- Dates
- This amendment will be effective on July 16, 2024.
- Docket
- Application Number D-11657
- Regulation ID (RIN)
- 1210-ZA20
- Code of Federal Regulations
- 29 CFR 2550
- Pages
- 10
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Everything from the Employee Benefits Security Administration · Published in May 2024
Read from the Federal Register API, last updated 2026-10-23. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.