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On January 10, 2019 the Pension Rights Center submitted comments to the Employee Benefits Security Administration’s Office of Exempt Determinations (OED) concerning a proposed exemption to the prohibited transaction provisions of ERISA. The application for the exemption was submitted by the Retirement Clearinghouse, LLC (RCH) to permit the imposition of a fee to certain participant accounts without permission. The requested fee is part of a new RCH program designed to consolidate small accounts for participants.
In comments the Center expressed concerns about the proposed RCH program and suggested that OED require more specific disclosures to participants and limit fees.
