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ERISA Exemption Sought

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An arm of the U.S. Department of Labor wants to let a new health plan for General Motors employees invest in General Motors securities.

The Employee Benefits Security Administration has published a notice of its intent to let the GM retirees’ “employees’ beneficiary association,” or VEBA, keep some GM securities. EBSA is seeking the prohibited transaction exemption to give the plan the ability to handle errors and to keep some securities obtained before General Motors filed for bankruptcy.