💼Exemption for UBC Property Sale
Exemption From Certain Prohibited Transaction Restrictions Involving United Brotherhood of Carpenters and Joiners of America (UBC or the Applicant) Located in Washington, DC
Summary
This document gives notice of an individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code of 1986 (the Code). This exemption permits the Trustees of the United Brotherhood of Carpenters Pension Fund (the Plan) to sell 19.25 acres of improved real property (the Property) on behalf of the Plan to the UBC for cash (the Sale).
Agencies
- Labor Department
- Employee Benefits Security Administration
Business Impact
$$ - Med
The exemption allows the sale of property held by the United Brotherhood of Carpenters Pension Fund, facilitating significant financial gain estimated at approximately $4.3 to $4.6 million more than an unrelated sale. This impacts fiduciaries and stakeholders regarding compliance with ERISA regulations and optimizing fund assets for enhanced liquidity.