Summary

24-month extension permitting PFAs to invest in equities and bonds issued by parent companies/HoldCos of their PFCs, subject to strict caps: Funds I, II, V-Growth and VI-Active — max 3% (shares) and 5% (bonds); Funds III, IV, V-Conservative and VI-Retiree — 1% and 3%. Aggregate single-entity exposure capped at 5% of NAV (10% including money market). Max 20% of any 'A'-rated bond issue and 15% of 'BBB'. Mandatory independent review by Investment Committee, Risk Management and Compliance; conflicted officials must recuse.

Applicability

All licensed PFAs; transactions involving PFC parent/HoldCo securities.