ERISA Revenue Sharing Arrangements: Avoiding Plan Asset Status, Complying With Due Diligence Requirements
|Date / Time:
Financial institutions that provide services to a plan often receive payments such as 12b-1 fees and administrative services fees, oftentimes called revenue sharing payments. The DOL finalized fee disclosures in 2012 and issued an advisory opinion in July 2013 requiring fiduciaries to increase scrutiny of revenue sharing arrangements.
In light of recent high profile, multi-million dollar settlements involving these agreements, fiduciaries must ramp up scrutiny during drafting and implementation.
Counsel to ERISA fiduciaries must also ensure that their arrangements do not include clauses that would cause the payments to be ERISA plan assets under the DOL advisory opinion guidance. If these payments are considered plan assets, any person authorized to manage them would be an ERISA fiduciary.
Additionally, whether or not revenue sharing payments are considered plan assets, counsel must ensure that fiduciaries engage in appropriate due diligence to avoid prohibited transaction rules and qualify for the exemption under 408(b)(2).
Listen as our authoritative panel reviews appropriate terms and enforcement of revenue sharing agreements, applicable due diligence in avoiding prohibited transaction rules, and best practices in dealing with excess payments.
- Revenue sharing arrangements and plan asset status
- DOL Advisory Opinion 2013-03A
- Fiduciary due diligence requirements
- Best practices
- Revenue sharing contractual terms
- Calculation of revenue sharing payments
- Reporting requirements
- ERISA account tracking
- Utilization of excess revenue sharing payments
- Allocation to plan participants
The panel will review these and other key issues:
- How should revenue sharing agreements be drafted so that revenue sharing payments are not considered plan assets?
- What are the fiduciary due diligence requirements related to revenue sharing agreements?
- What are the best practices in utilizing excess revenue payments and credit allocation to plan participants?
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|Licenses / Designations / Educational Credits:||CLE|
All US States: 1.5
All US States: 2
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||Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
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