10 Sep 2025
⚙️Proposed Exemption for Union Equipment Loans Under ERISA
Proposed Exemption for Certain Prohibited Transactions Involving the International Union of Operating Engineers Local Union 627 Training Fund of Oklahoma (the Plan or the Applicant) Located in Oklahoma City, OK
Summary
This proposed exemption would permit certain loans from the International Union of Operating Engineers Local Union 627 (Local 627) to the Plan, so the Plan can purchase heavy machinery to fulfill its mission. As described below, absent an exemption, the loans would violate certain prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Agencies
- Labor Department
- Employee Benefits Security Administration
Business Impact
$$ - Med
The content outlines a proposed exemption allowing the International Union of Operating Engineers Local Union 627 to lend funds to the Plan for purchasing equipment, which could lead to more favorable financing terms and regulatory compliance under ERISA. This impacts business operations and financial planning for those involved in similar transactions.