"[If] 25% or more of a fund's assets are tied to ERISA-governed benefit plans, then 'the fund becomes a fiduciary under ERISA.' ... Since a retirement plan would entail a steady flow of investment to the fund, this flow must be managed if the fund is keen to avoid the 25% threshold ... All this compliance work means that many plans and private funds, especially smaller ones, will just avoid this hassle altogether. Unless, of course, the rules were changed."  MORE >>