Federal Register #D-12129

Proposed exemption concerning GCI 401(k) Plan stock-rights transaction

This Department of Labor notice proposes retroactive relief for transactions involving the GCI 401(k) Plan and GCI Liberty stock rights. - Government buyer: U.S. Department of Labor (DOL), Employee Benefits Security Administration (EBSA). - Nature of notice: A proposed regulatory exemption, not a procurement solicitation; no products or services are being requested. - Transaction described: The Plan received and held 25,390 rights to purchase GCI Liberty, Inc. Series C GCI Group Common Stock, then sold the rights for net proceeds of $133,642.80. - Named organizations: GCI Communication Corporation (Plan sponsor and applicant); GCI Liberty, Inc. (issuer of the stock and rights); Newport Trust Company (independent fiduciary); and Fidelity Capital Markets (sale execution). - Procurement details: No requested products, services, part numbers, quantities to purchase, OEMs, or contract value are identified.

Description

The Department of Labor’s Employee Benefits Security Administration proposes an exemption concerning the GCI 401(k) Plan’s prior acquisition and holding of rights to purchase GCI Liberty, Inc. Series C GCI Group Common Stock. Without an exemption, the transactions would be prohibited under ERISA and/or the Internal Revenue Code. The Plan received 25,390 rights, which were sold on December 1, 2025, for total net proceeds of $133,642.80. If granted, the exemption would apply from November 25, 2025, through December 17, 2025.

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