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Yes. Class exemptions provide relief for any fiduciary or party in interest meeting the conditions of the exemption. The Department of Labor has granted a number of class exemptions which generally focus on the sort of transaction or on the type of entity which will engage in the transaction. Among the class exemptions are the following:
- Transactions between a party in interest and an insurance company general account in which the plan has an interest if, at the time of the transaction, the proportion of a plan's assets to all assets in the insurer's general account (exclusive of liabilities) does not exceed 10%.
- An investment adviser who is also a fiduciary to a plan, to purchase or sell shares in the investment company on behalf of the plan if the plan pays neither a commission nor an investment management fee with respect to the assets invested.
- Insurance agents and brokers, pension consultants, insurance companies and investment company principal underwriters may receive commissions for, or in connection with, the purchase of insurance or annuity contracts or the purchase or sale of securities issued by the investment company.
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