Investment managers provide a wide range of services in the retirement income market. They manage accounts for plan participants and retirees. They also consult with plan sponsors in developing retirement plans and in selecting and monitoring plan service providers, manage mutual funds, bank collective trusts and other plan investment options and provide advisory and educational services to plan participants. In carrying out these activities – and in structuring relationships and compensation arrangements with mutual funds, banks and trust companies, distributors and other service providers – investment managers must comply with federal and state securities laws, including registration, reporting, compliance and disclosure requirements, and with ERISA fiduciary, prohibited transaction and disclosure requirements.
We help by advising and assisting in connection with:
- Formation, registration and compliance with federal and state securities laws of investment managers.
- Developing products and services that satisfy the qualification, fiduciary and prohibited transaction provisions of ERISA and the Internal Revenue Code.
- Drafting and evaluating agreements with plan service providers, including with respect to advising on ERISA fiduciary, prohibited transaction and disclosure requirements and achieving risk management objectives.
- Developing (i) materials to enable plan sponsors to engage in a prudent process in selecting service providers and (ii) educational materials for plan participants consistent with ERISA’s non-fiduciary educational guidelines.
- Plan sponsor, participant and plan service provider disclosure rules.
- Receipt and disclosure of direct and indirect compensation by investment managers.
- Establishment of and private offerings of interests in Investment Company Act Section 3(c)(1) and Section 3(c)(7) private funds.
- Requests for SEC no-action relief, IRS private letter rulings and DOL advisory opinions and applications for SEC exemptive orders.
- Responses to inquiries from and inspections by the SEC, DOL, FINRA and other regulators.