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Private Equity Compliance With ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets

Strafford

Feb. 28, 2017
Recorded Online
Webcast

Recorded February 28, 2017

This CLE webinar will prepare counsel representing private equity funds to meet fiduciary obligations under ERISA that apply to fund managers who are responsible for investing the assets of a fund that holds ERISA plan assets. The panel will particularly focus on the duty to avoid prohibited transactions. The program will cover implications of the DOL fiduciary rule for fund managers as well as the impact on private equity firms of the Sun Capital ruling triggering withdrawal liability for a portfolio company’s union pension obligations.

Description

ERISA imposes fiduciary obligations on funds that hold employee benefit plan assets, including private equity managers responsible for investing fund assets. The DOL’s new fiduciary rule, effective April 2017, subjects a wider group of investment advisers to ERISA fiduciary duties.

The duty to avoid prohibited transactions blocks managers from engaging in transactions with “parties in interest” to the ERISA plan, unless an exemption exists. However, the exemptions are nuanced, and fund managers must proceed carefully when taking advantage of the exceptions.

Last year’s Sun Capital decision has broad implications for private equity funds and their investors. The ruling subjects funds to joint and several liability for the ERISA pension obligations of their portfolio companies.

Listen as our authoritative panel of finance attorneys discusses the fiduciary obligations under ERISA that apply to private equity fund managers responsible for investing the assets of a fund that holds ERISA plan assets. The panel will focus on the duty to avoid prohibited transactions, the implications of the DOL fiduciary rule, and the Sun Capital ruling triggering withdrawal liability for a portfolio company’s union pension obligations.

The panel will review these and other key issues:

  • What fiduciary duties does ERISA impose on private equity managers who invest fund assets that hold ERISA plan assets?
  • How can fund managers take advantage of the exceptions to the ERISA prohibited transactions obligation?
  • How does the DOL’s fiduciary duty rule apply to private equity fund managers?
  • What are the implications of the Sun Capital ruling on private equity funds and their portfolio companies?

Continue by clicking on the following link:
https://www.straffordpub.com/products/tldupchana

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