Apprenticeship Fund Gets Federal Exemption to Buy From Its Union
Published Date: 10/19/2026
Notice
Summary
The International Brotherhood of Electrical Workers Local Union No. 99 Joint Apprenticeship Training Fund in Cranston, Rhode Island, got the green light to buy a building they’ve been renting since 2011 from their own union. This deal saves the Fund about $45,000 a year and avoids extra costs like closing fees and paying back improvements. The exemption kicks in on October 19, 2026, making the purchase official and hassle-free.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Annual operating savings of about $45,000
The Fund represents it will save approximately $45,000 per year in operating expenses as a result of buying the Property. This annual savings is a direct financial effect the Fund expects from the Purchase.
No reimbursement for $900,000 in property improvements
The Department notes the Fund will not be required to reimburse the Union for approximately $900,000 in improvements the Union made to the Property to make it suitable for the training program. The Fund therefore avoids a one-time payment to repay those improvements.
Avoiding up to $52,500 in closing costs
The Fund will not pay any closing costs in connection with the purchase, which the document states could total as much as $52,500. The exemption thus avoids this potential transaction expense for the Fund.
Exemption allows Fund to buy leased building
The Department of Labor approved an exemption that lets the International Brotherhood of Electrical Workers Local 99 Joint Apprenticeship Training Fund buy the building it has leased at 40 Western Industrial Drive, Cranston, Rhode Island, from Local Union 99 Realty Corporation. Without this exemption the purchase would have violated ERISA's prohibited transaction rules; the exemption is effective October 19, 2026.
Purchase price capped at $1,610,000 or updated appraisal
The Fund must pay the lesser of $1,610,000 or the fair market value of the Property as established in an Appraisal Report updated on the date of the sale. This price limit is a binding condition of the exemption.
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