Morning Session: 9:00 a.m. - 12:30 p.m.
9:00 The Launch - Establishing a Plan Asset Fund
Hedge Fund CEO meets with outside counsel. Through a series of Q’s and 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?
The Fund: Robert J. Raymond
Fund Outside Counsel: Michael J. Albano, Ira G. Bogner, and Sarah E. Downie
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
Large Pension Plan Chief Investment Officer: Howard Pianko
Large Pension Plan Outside Counsel: David M. Cohen, Alicia C. McCarthy
12:45 Luncheon Presentation: Melanie Franco Nussdorf and Ivan Strasfeld
Afternoon Session: 2:00 p.m. - 5:15 p.m.
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
Moderator: Michael J. Albano
Fund Outside Counsel: Erin K. Cho, Patrick Menasco
Counsel to Prime Broker: Erin Rose Miner
Counsel to Broker-Dealer: Suzzanne Yao
3:00 ERISA Litigation
Through an analysis of recent cases, 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
Moderator: Howard Pianko
Outside Counsel: Shannon Barrett, Linda J. Haynes, Javier Hernandez, Sara Pikofsky
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?
Large Pension Plan Chief Investment Officer: Howard Pianko
Counsel - Glenn E. Butash, Linda J. Haynes
Glenn E. Butash
~ Corporate Counsel, U.S. Compensation & Benefits, Alcatel-Lucent
Erin Rose Miner
~ Vice President, ERISA and Executive Compensation Counsel, Credit Suisse
~ Vice President and Associate General Counsel, Goldman, Sachs & Co.
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers
1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is 0495741. You can also make reservations
online to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: email@example.com
Sheraton New York Hotel & Towers
, 811 7th Avenue, New York, NY 10019, 1-800-325-3535 or (212) 581-1000. When calling, please mention Practising Law Institute and mention SET#311155. You may also book online
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