Labor May Let a 401(k) Keep Normally Forbidden Stock Rights
Published Date: 10/16/2026
Notice
Summary
The Department of Labor is proposing to allow GCI Communication Corporation’s 401(k) Plan to keep certain stock purchase rights it acquired, which would normally be against the rules. This exemption, if approved, would cover transactions from late 2025 and help the plan avoid legal trouble. People can comment or ask for a hearing by November 30, 2026.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Retroactive exemption shields plan from penalties
The Department is proposing a retroactive exemption that would relieve the GCI 401(k) Plan from prohibited-transaction rules and the excise tax under Code section 4975 for transactions involving the Rights during November 25, 2025 through December 17, 2025. If granted, the exemption would apply to the Plan’s acquisition and holding of the Rights during that period.
Plan realized $133,642.80 from Rights sale
The GCI 401(k) Plan sold all 25,390 Rights on December 1, 2025 at an average price of $5.26 per Right, receiving net proceeds of $133,642.80, after paying $736.31 in commissions; those proceeds were invested into participant accounts per their elections. The Plan had 1,839 participants and total assets of $473,822,085.61 as of November 24, 2025.
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