Labor Department Extends Special Rules for Major Banks' Retirement Plans
Published Date: 2/21/2025
Notice
Summary
The Department of Labor wants to give Royal Bank of Canada and Northern Trust Corporation up to six more months to keep special permissions that help them manage retirement plans without breaking rules. This extension depends on them meeting certain conditions and keeps things running smoothly past the current March 4, 2025 deadline. It’s a win for these companies and the people who rely on their services, with no extra costs announced.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Six‑Month Extension for Two PTEs
The Department of Labor proposes extending the effective periods of Prohibited Transaction Exemptions PTE 2016-10 (Royal Bank of Canada) and PTE 2016-11 (Northern Trust Corporation) that are scheduled to expire on March 4, 2025. Each exemption could be extended for up to six months (to September 4, 2025) if the firms meet certain conditions; the proposal notes no extra costs are announced.
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