# 2024-31599: San Diego Contractors Get Exemption for Elaborate Self-Rental Scheme

2024-31599, Exemption for Associated General Contractors of America, San Diego Chapter, Inc. Apprenticeship and Training Fund, Located in San Diego, CA, is a Federal Register notice from an unnamed agency published 2025-01-06, effective 2020-10-01 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2024-31599
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2024-31599
- Title: Exemption for Associated General Contractors of America, San Diego Chapter, Inc. Apprenticeship and Training Fund, Located in San Diego, CA
- Type: Notice
- Agencies: unknown
- Citation: unknown
- Published: 2025-01-06
- Effective: 2020-10-01
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

San Diego Contractors Get Exemption for Elaborate Self-Rental Scheme

## 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!

## Abstract

This document gives notice of an individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA or the Act). The exemption permits the Associated General Contractors of America, San Diego Chapter, Inc. (the Chapter) to lease certain improved real property (the Property) located in San Diego, California to the Associated General Contractors of America, San Diego Chapter, Inc. Apprenticeship and Training Fund (the Plan or the Applicant).

## Effects PRIA read

- Retroactive Lease Approval Saves Plan Money: benefit, high. 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 provid…
- 12‑Month Cap: Lease Payments ≤10% Assets: benefit, medium. 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…
- Ongoing Independent Fiduciary Oversight Required: benefit, medium. 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 Departm…
- Reserve Fund Payments Treated As Rent: cost, low. 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 amount…

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## Sources
- [2024-31599 on federalregister.gov](https://www.federalregister.gov/documents/2025/01/06/2024-31599/exemption-for-associated-general-contractors-of-america-san-diego-chapter-inc-apprenticeship-and)
- [2024-31599 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-01-06/pdf/2024-31599.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2024-31599 (as of 2026-06-08).