AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Loan & Distribution Specialist AimPoint Pension
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Regional Vice President of Sales The Retirement Plan Company
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Compass
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Bates & Company, Inc.
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Usage of Swaps by Pension Plans
Pension Risk Matters Apr. 4, 2014
"ERISA, including its prohibited transaction rules, governs 'plan assets.' Thus, it is critical to determine whether margin posted by a plan in connection with swaps clearing and the swap positions held in the plan's account are considered 'plan assets' for ERISA purposes. Among other things, Advisory Opinion 2013-01A gives comfort that (1) margin posted by the investor to the clearing agent generally will not be considered a plan asset for ERISA purposes and (2) clearing agents will be able to unilaterally exercise agreed-upon close-out rights on the plan's default without being deemed a fiduciary to the plan, notwithstanding that the positions are plan assets."
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