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Proposed Exemption From Certain Prohibited Transactions Involving GCI Communication Corporation (GCI or the Applicant) Located in Anchorage, Alaska
Plain English Summary
The GCI 401(k) Plan in Anchorage, Alaska, is seeking permission to keep its rights to buy shares of GCI Liberty, Inc. This is important because, without this permission, the Employee Retirement Income Security Act and the Internal Revenue Code would not allow these transactions. Insurance agents should stay informed about this exemption as it may affect retirement plan options for their clients.
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This proposed exemption would permit the GCI 401(k) Plan's (the Plan's) prior acquisition and holding of rights to purchase shares of GCI Liberty, Inc. Series C GCI Group Common Stock (the Rights). Absent an exemption, these transactions would be prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) and/or the Internal Revenue Code of 1986 (the Code).