Labor Seeks Comments on Old Investment Exemption Form
Published Date: 6/18/2026
Notice
Summary
The Department of Labor is asking for public feedback on a paperwork update that helps employee benefit plans invest in customer notes from their employers. This change affects employers and employee benefit plans by keeping clear records of these investments. Comments are open until July 20, 2026, so don’t miss your chance to weigh in!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Plans Allowed To Buy Employer Notes
The rule (Prohibited Transaction Exemption 85-68) says employee benefit plans may acquire, hold, and have employers repurchase customer notes from the employer without triggering certain ERISA prohibited-transaction rules. A "customer note" is a two-party instrument taken in the normal course of selling tangible personal property.
Affiliate Notes Not Covered
The exemption explicitly does not apply to notes of an employer's affiliate. Plans cannot rely on this exemption to acquire or hold customer notes issued by an employer affiliate.
Plans Must Keep And Share Records
Plans that invest in customer notes covered by this exemption must keep all records, information, and data related to those investments and make those records unconditionally available to certain persons on request. The Department estimates the affected public is private-sector entities, with 3 respondents, 3 responses, a total annual time burden of 3 hours, and $0 annual other cost; public comments are due by July 20, 2026.
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