Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing, or another hot-button matter.
On March 15, the White House Office of Management and Budget ("OMB") released a final amendment to Prohibited Transaction Exemption 84-14, which provides relief for Qualified Professional Asset Managers ("QPAMs").
The original proposal was controversial and included proposed changes considered problematic by many of the commenters.
We expect DOL to publish the new rule in the Federal Register shortly, and we will issue a client alert.
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