San Diego Contractors Get Exemption for Elaborate Self-Rental Scheme
Published Date: 1/6/2025
Notice
Summary
The Associated General Contractors of America, San Diego Chapter, got special permission to lease some property to their Apprenticeship and Training Fund without breaking any rules. This exemption has been effective since October 1, 2020, and helps the Fund keep training workers smoothly. No extra costs or deadlines for the public, just a green light for this lease deal!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Retroactive Lease Approval Saves Plan Money
The Department of Labor allowed the Apprenticeship and Training Fund to lease property from the San Diego Chapter effective October 1, 2020. That lease saved the Plan $4,359 per month in 2020 and $6,311 per month in 2021 compared to the Property's appraised fair market rent, helping the Plan provide training during the COVID-19 pandemic.
12‑Month Cap: Lease Payments ≤10% Assets
Beginning on the Federal Register publication date, the Plan's total payments under the Lease during any twelve-month period may not exceed 10 percent of the Plan's total assets as shown in the Plan's most recent audited report. The Independent Fiduciary must monitor and enforce this cap and notify the Department about amendments.
Ongoing Independent Fiduciary Oversight Required
The exemption requires a qualified Independent Fiduciary to represent the Plan, approve the Lease and any renewal, engage independent appraisers periodically, and ensure the Plan does not pay more than fair market rent. The Independent Fiduciary must also provide prior written notice to the Department at least 60 days before amendments unless delay would cause imminent harm.
Reserve Fund Payments Treated As Rent
The Lease requires the Plan to pay $2,579 per month into a Reserve Fund (in addition to $40,000 base monthly rent); these Reserve Fund payments are considered part of overall rent and remain in a restricted account for listed replacement items. Once paid, the Plan has no legal right to those amounts beyond the Lease terms.
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