This is a webcast of the live New York session.Why you should attend
This course provides an introduction to the basics of ERISA fiduciary law using a case-study vehicle. At this year’s program, you will learn about the principal issues in ERISA’s regulation of plan investments through a case study of a hypothetical plan asset hedge fund exploring entry in the plan marketplace and a plan investor considering such an alternative investment. The program also will utilize a hypothetical fiduciary training session to provide an introduction to the core ERISA fiduciary issues applicable to defined contribution plans. The final session on ethical considerations relating to ERISA plans adopts a similar interactive approach.
What you will learn
- ERISA Basics: Terminology; Structure of ERISA and the Code; Fiduciary Standards; Prohibited Transactions and the Exemption Process; ERISA Liability
- ERISA Landscape Fundamentals for Financial Institutions and Advisors
- Financial Products and Prohibited Transaction Exemptions - Considerations and Sample Transactional Analysis
- Through a mock fiduciary training session, the ERISA fundamentals applicable to 401(k) and other defined contribution plans
- Checklist of ERISA Considerations in Making an Investment in Alternative Investments
- Ethical Considerations for the ERISA Practitioner
Special Features
One full hour of Ethics!
Who should attend
Practitioners in the field (or who are considering entering the field) seeking a solid foundation in ERISA fiduciary investment rules, and to build on their level of expertise in the area, and to solidify their understanding of the regulatory framework.
PLI Group Discounts
Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.
PLI Can Arrange Group Viewing to Your Firm
Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.
Cancellations
All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.
All times are E.S.T.
9:00 The Launch - Establishing a Plan Asset Fund
Hedge Fund CEO meets with outside counsel. Through a series of Q&A’s, the basic ERISA issues are reviewed from the perspective of the hedge fund:
- What is the structure of the fund?
- What does it mean to manage “plan assets” under ERISA and how do I know if my fund will be deemed to hold “plan assets”?
- Is the fund manager an ERISA fiduciary and, if so, what are the consequences?
- How does ERISA plan status affect hedge fund business operations, e.g. payment of fees to the fund manager, indicia of ownership requirements, ERISA bonding requirements?
Panel
The Fund: Robert J. Raymond
Fund Outside Counsel: Michael J. Albano, Ira G. Bogner, Sarah E. Downie
10:45 Break
11:00 The Plan Perspective
Chief Investment Officer of a company whose responsibilities include supervising assets in that company’s Large Pension Plan is interested in possibly investing in the new fund and meets with outside counsel to discuss:
- How would CIO’s responsibilities and the responsibilities of the Large Pension Plan’s “named fiduciary” differ in this context as compared to the non-plan asset fund context?
- Special features of such an investment:
- holding of plan assets abroad
- impact of UBTI
- the checklist of considerations in reviewing the offering documents
- 5500 reporting and 408(b)(2) fee disclosure
Panel
Large Pension Plan Chief Investment Officer: Jeffrey Ross
Large Pension Plan Outside Counsel: Alicia C. McCarthy
12:30 Break
12:45 Luncheon Presentation: Melanie Franco Nussdorf and Ivan Strasfeld
1:45 Break
2:00 Understanding Basic Financial Institution Activities
Outside counsel begins to explore the basic financial institution transactions in which the fund will need to engage, with an emphasis on prime brokerage services and swaps, and the related ERISA concerns:
- What is a prime broker?
- What is a swap?
- Parties in interest, prohibited transaction rules, and key exemptions
Panel
Moderator: Michael J. Albano
Fund Outside Counsel: Erin K. Cho, Patrick S. Menasco
Counsel to Prime Broker: Erin Rose Miner
Counsel to Broker-Dealer: Suzzanne Yao
3:00 401(k) Plan Fiduciary Training
Through the process of a fiduciary training session, review the fundamental fiduciary considerations applicable to 401(k) and other plans with participant directed account investment:
- What are the basic fiduciary responsibilities in the context of a 401(k) plan?
- How does participant direction of account investment limit this fiduciary responsibility?
- What are the key areas of possible fiduciary liability exposure?
Panel
Moderator: Howard Pianko
Outside Counsel: TBD
4:00 Break
4:15 Ethics
Advising the Chief Investment Officer
- Identifying the client: Chief Investment Officer vs. Chair of the Investment Committee for the Plan
- Information Barriers
- Exceptions to the attorney client privilege
- Exemptive Relief Relied Upon Not Available: What should you do?
Panel
Large Pension Plan Chief Investment Officer: Howard Pianko
Counsel: TBD
5:15 Adjourn
PLI makes every effort to accredit its Live Webcasts. Please check the CLE Calculator above for CLE information specific to your state.
PLI's Live Webcasts are approved for MCLE credit (
unless otherwise noted in the product description) in the following states/territories: Alabama, Alaska, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois, Indiana
1, Iowa*, Kansas*, Kentucky*, Louisiana, Maine*, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, New Hampshire*, New Jersey, New Mexico, Nevada, New York
2, Ohio
3, Oklahoma, Oregon*, Pennsylvania
4, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia
5, Virgin Islands, Washington, West Virginia, Wisconsin, and Wyoming*.
*PLI will apply for credit upon request.
Arizona: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
Arkansas and Oklahoma: Audio-only live webcasts are not approved for credit.
1Indiana: Considered a distance education course. There is a 6 credit limit per year.
2New York: Newly admitted attorneys may not take non-transitional course formats such as on-demand audio or video programs or live webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
3Ohio: To confirm that the live webcast has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per biennial compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
4 Pennsylvania: A live webcast may be viewed individually or in a group setting. Credit may be granted to an attorney who views a live webcast individually. There is a 4.0 credit limit per year for this type of viewing. A live webcast viewed in a group setting receives live participatory credit if the program is open to the public and advertised at least 30 days prior to the program. Live webcasts viewed in a group setting that do not advertise at least 30 days prior the program will be considered "in-house", and therefore denied credit.
5Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, refer to your state CLE website or call Customer Service at (800) 260-4PLI (4754) or email: info@pli.edu.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.