Labor Dept seeks comments on insurance pooled accounts
Published Date: 3/14/2025
Notice
Summary
The Department of Labor is asking for public feedback on a paperwork update related to insurance company pooled separate accounts that affect employee benefit plans. This update helps clarify rules for certain financial transactions to keep things fair and legal. Comments are due by April 14, 2025, so affected insurance companies and plan managers should weigh in soon!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Permitted Transactions Under PTE 90-1
PTE 90-1 permits certain transactions between insurance company pooled separate accounts and parties in interest, including furnishing goods to a pooled account, leasing pooled-account real property, transactions with persons who are parties in interest solely as service providers, the insurance company's provision of services related to managing pooled-account real property investments, and furnishing services/facilities by a place of public accommodations owned by the separate account. These exemptions apply only if the party in interest is not the insurance company (or an affiliate that holds plan assets) and if the plan's investment in the separate account does not exceed certain specified percentages (or if the account is a specialized account that invests substantially all assets in certain short-term obligations).
Six-Year Recordkeeping and Access Rule
If a plan invests in an insurance company pooled separate account and the insurer relies on PTE 90-1, the insurer must keep records of the covered transactions for six years. Those records must be made available on request to plan fiduciaries, participants and beneficiaries, contributing employers, the Department of Labor, and the Internal Revenue Service.
Paperwork Burden and OMB Review Details
DOL estimates the information collection will involve 46 respondents and 460 total responses, with a total estimated annual time burden of 77 hours and $0 in other annual costs. DOL seeks Office of Management and Budget (OMB) authorization for this information collection for three (3) years under OMB Control Number 1210-0083.
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