Proposed ERISA Exemption for IBEW Local 99 Apprenticeship Fund Property Purchase
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The proposal would let the IBEW Local Union No. 99 Joint Apprenticeship Training Committee Fund buy property from Local Union 99 Realty Corporation, even though that transaction would normally be restricted under ERISA rules for employee benefit plans. The Department of Labor says the purchase is expected to save the Fund about $45,000 a year. People who may be affected can submit comments or request a public hearing by July 20, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Would allow the Fund to buy property from Local Union 99 Realty Corporation
- Would create an exemption from ERISA restrictions that would otherwise block the transaction
- Opens a comment and hearing-request period ending July 20, 2026
Obligations
What this law requires
Persons submitting written comments or requests for a public hearing on the proposed exemption must ensure the Department of Labor receives them by the end of the scheduled comment period.
Written comments or hearing requests must be submitted to EBSA Office of Exemption Determinations, Attention: Application No. L-12076, either by email to [email protected] or electronically through regulations.gov following the submit-a-comment instructions.
Comments on the proposed exemption should state the nature of the commenter’s interest in the proposed exemption and explain how the commenter would be adversely affected.