Carpenters Fund Gets Boring ERISA Pass for Property Sale
Published Date: 8/21/2026
Notice
Summary
This exemption permits the sale by the Fund of real property to the Mid-America Carpenters Regional Council (the Sale). Without this exemption, the Sale would be prohibited by the Employee Retirement Income Security Act of 1974 (ERISA).
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Fund Receives ~$220,000 From Sale
The exemption allows the apprenticeship and training Fund to sell 1.13 acres (the Parcel) to the Mid‑America Carpenters Regional Council (MACRC). MACRC will pay an estimated $3.4 million for the Parcel and wellness center, receive a credit of about $3.18 million for construction costs, and the Fund will receive approximately $220,000 in net proceeds at closing (the Fund will receive the greater of $220,000 or the updated appraisal amount on the date of sale). The Fund also will have received between $640,225.62 and $705,803.34 in rent plus interest and penalties by the time the Sale occurs (assuming a Sale between August 2026 and November 2026).
Pension Amounts Not Affected
The Department states that the Sale will not have any impact on the amount of pension benefits due to MACRC members. That representation is part of the record supporting the exemption.
Participant Access to Closing Reports and Records
The independent fiduciary must prepare an After Closing Report and deliver it to the Fund's Employer Trustees and the Department within 60 days of closing. The Fund's trustees and the Independent Fiduciary must keep related records for six years and those records must be unconditionally available during normal business hours to the Department, the IRS, the Fund's trustees, the Independent Fiduciary, and any participant or beneficiary (or their authorized representative) who requests them.
Sale Timing and Protective Conditions
The exemption is effective as of publication (August 21, 2026) and requires the one‑time cash Sale to close within 90 days of issuance of the final exemption. The exemption requires the Fund to receive the greater of $220,000 or the fair market value established by an updated independent appraisal on the date of Sale, prohibits the Fund from paying fees or commissions related to the Sale, and requires a qualified independent fiduciary and appraiser who meet specified independence conditions.
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