Government Lets Convicted Criminal Bank Manage Your Retirement Money
Published Date: 1/15/2025
Notice
Summary
The Department of Labor is letting UBS asset managers keep using a special exemption from certain rules from June 12, 2023, through June 11, 2029, even though some UBS-related companies had legal troubles. This helps protect retirement plans and accounts managed by UBS from disruption or harm. So, if you have a retirement plan with UBS managing it, things will keep running smoothly for the next five years.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
UBS exemption keeps retirement managers operating
If you have an ERISA-covered retirement plan or an IRA managed by UBS, the Department of Labor is allowing UBS asset managers (UBS QPAMs) to rely on the PTE 84-14 exemption from June 12, 2023 through June 11, 2029 so plan management can continue without interruption. This relief covers current and future UBS asset managers that meet the exemption's conditions.
Retroactive coverage for 2023–2024 period
The Department granted retroactive exemptive relief so UBS QPAMs are covered for the period June 12, 2023 through June 11, 2024; an additional retroactive interval from June 12, 2024 through January 15, 2025 is also provided to address application and record issues. This means transactions taken on behalf of covered ERISA plans and IRAs during those periods can rely on the exemption subject to its conditions.
Indemnification for actual plan losses required
Under the exemption's terms (see PTE 2023-14 Section III(k)), UBS QPAMs must indemnify and hold harmless Covered Plans for any actual losses resulting directly from a QPAM's breach of fiduciary duty, prohibited transactions, or failure to qualify for exemptive relief (other than the Convictions covered by this exemption). That means plans may be reimbursed for actual losses caused by UBS QPAM violations.
UBS estimate of $90 million manager-switch costs
UBS provided an estimate that Covered Plans could incur about $90 million in liquidation and reinvestment costs if plans were forced to terminate UBS managers and hire replacements. The Department considered this estimate (supported by an independent consultant) in deciding to grant relief.
New audit and compliance steps for UBS QPAMs
The exemption includes additional compliance conditions: UBS must designate a second Compliance Officer, inform the auditor in writing within 45 days of engagement about target dates, provide the auditor's Exemption Report to the auditor within 7 days of its completion, allow the Department to receive audit updates on request, and provide the Department a copy of the auditor's engagement agreement within 15 days of execution. These steps are meant to improve timely audits and oversight that protect covered plans.
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