Oklahoma Union Fund Gets Exemption for Machinery Loan
Published Date: 2/26/2026
Notice
Summary
The International Union of Operating Engineers Local 627 Training Fund in Oklahoma City got the green light to borrow money at a low interest rate to buy heavy machinery. This deal, effective February 26, 2026, helps the fund grow while protecting its members’ interests. An independent expert will watch over the loan to keep everything fair and square.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Fee and Repossession Protections
The Plan will not pay any fees or expenses (including prepayment penalties) in connection with the loans, except reasonable direct expenses for the Independent Fiduciary and Independent Appraiser. If the Plan defaults, Local 627 may repossess the equipment after 30 days' prior written notice; the Plan will not be liable for repossession costs or any remaining loan balance. If repossessed equipment's fair market value exceeds the loan balance, Local 627 must pay the excess to the Plan within 30 days.
Loans Allowed to Buy Training Equipment
As of February 26, 2026, the Department exempted the International Union of Operating Engineers Local 627 to make one or more loans to the Local 627 Training Fund so the Plan can purchase heavy machinery used solely for apprenticeship training. The exemption covers the loans, the Plan's repayment, and the Plan granting a security interest in the purchased equipment, subject to the conditions in Section II of the exemption.
Two-Point Below Prime Interest Rule
Each loan must carry an interest rate equal to two percentage points below the U.S. Prime Lending Rate, but the interest rate for any loan cannot be less than 1% nor greater than 3%. At the time a loan is made, the loan rate also may not exceed the rate on a substantially similar loan obtainable from an unrelated third-party lender.
Independent Fiduciary Oversight & Reporting
An Independent Fiduciary, prudently selected by the Employer Trustees, must approve and monitor each loan, verify ongoing compliance with the exemption, and represent the Plan's interests. The Independent Fiduciary must notify the Department by email within seven (7) calendar days if it discovers conduct violating the exemption and must prepare an Annual Summary Report delivered to the Department and the Plan's trustees by March 31 following the year covered. Employer Trustees must notify the Department within 15 business days of termination of the Independent Fiduciary and may not retain a replacement without following the Department's approval process.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-14917, Electronic Disclosure by Group Health Plans Under ERISA
Group health plans can soon share important info online instead of paper, making it easier and cheaper for everyone. If this rule passes, plan administrators must notify members about electronic disclosures but still offer paper copies if requested. This change affects anyone in group health plans under ERISA and aims to save time and money starting after the rule is finalized.
2026-11140, Federal Independent Dispute Resolution Operations
Starting soon, health plans and insurers must share clearer info when they pay or deny surprise medical bills. They’ll use special codes to explain these decisions, especially when dealing with folks they don’t have contracts with. This helps patients and providers understand bills better and speeds up fixing disputes, with no extra costs for most people.
2026-05492, Retirement Security Rule: Definition of an Investment Advice Fiduciary: Notice of Court Vacatur
The court has canceled the Department of Labor’s 2024 rule that changed who counts as a trusted investment advisor for retirement plans. Starting April 20, 2026, the old rules from 2020 will be back in charge, affecting financial advisors and retirement plan managers. This means advisors should review their practices to stay on the right side of the law and avoid costly mistakes.
2025-14281, Pooled Employer Plans: Big Plans for Small Businesses
Small businesses get a big boost with new guidance on pooled employer plans (PEPs), which help them offer better, cheaper retirement savings options. The government is asking for feedback to create clear rules that make joining these plans easier and more affordable. Starting soon, these changes aim to save workers money and help small employers attract great employees.
2026-15620, Amendment to Exemption for Certain Prohibited Transactions Involving AT&T Inc. (Together With AT&T Inc.'s Affiliates, AT&T or the Applicant) Located in Dallas, Texas
Prohibited Transaction Exemption (PTE) 2014-06 provided an exemption for AT&T to contribute approximately $9.21 billion of employer securities (the Preferred Interests) and other assets to the AT&T Pension Benefit Plan (the Plan). This notice amends PTE 2014-06 to permit certain modifications (the Modifications) that were made with respect to the terms and provisions governing the Plan's holding and disposition of the Preferred Interests. Absent this amendment to PTE 2014-06 (Exemption Amendment), the Modifications would have resulted in violations of the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and/or the Internal Revenue Code of 1986 (the Code).
2026-11222, Exemption for Certain Prohibited Transactions Involving the Goldman Sachs Group, Inc. (Goldman) Located in New York, New York
Starting June 9, 2026, and lasting five years, certain Goldman Sachs asset managers in New York can keep using a special exemption despite past legal issues. This helps retirement plans work smoothly with Goldman managers while making sure they follow important rules and act responsibly. If plans want to stop working with Goldman, they can do so without big costs or problems.
Previous / Next Documents
Previous: 2026-03826, Exemption Involving the Liberty Latin America 401(k) Savings Plan (the Plan or the Applicant) Located in Denver, CO
The Liberty Latin America 401(k) Plan in Denver got a special green light to buy, hold, and sell certain stock rights from September 10 to 25, 2020. This means plan members could grab these rights for free and either sell them or buy discounted stock, helping their retirement savings. The Department of Labor reviewed and approved this move as fair and safe for everyone involved.
Next: 2026-03828, Records Schedules; Availability and Request for Comments
The National Archives is sharing new plans from federal agencies about which old records they want to toss. They’re asking the public to check out these plans and share thoughts by April 13, 2026. This helps keep government files tidy without wasting money or time on stuff nobody needs anymore.