Labor Department proposes retroactive exemption for GCI 401(k) stock rights

The U.S. Department of Labor proposed Thursday to retroactively exempt the GCI 401(k) Plan from a federal rule that would otherwise bar it from holding rights to buy GCI Liberty Inc. stock. The notice from the department's Employee Benefits Security Administration is being published Friday.

Federal pension law treats stock rights like these as non-qualifying employer securities, and generally bars a plan from holding them. The plan held about $473.8 million in assets as of Nov. 24, 2025, according to the proposed exemption.

The plan received the rights in GCI Liberty's late 2025 rights offering because it already held company stock. The subscription price was $27.20 per share. Newport Trust Company served as the plan's independent fiduciary in the transaction.

The plan sold the rights on Nasdaq on Dec. 1, 2025, netting $133,642.80 after paying $736.31 in commissions to Fidelity Capital Markets.

The proposed exemption would cover Nov. 25 through Dec. 17, 2025, the day the rights offering expired.