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Effects of the New UBTI Rules on Tax-Qualified Pension Investments Are Still Unclear (PDF)

"[Consider] a situation where a tax-qualified pension fund invests in 20 private equity partnerships, each of which then invests in 15 private equity investments. Is investing in private equity, generally, a separate trade or business? Or is investing in each private equity partnership a separate trade or business? Or, must a plan look through each private equity partnership to each separate investment? If the latter is the case, can a plan aggregate investments across investments that involve a similar trades or businesses? How should a plan handle investments in a fund of funds, a fund that invests in other funds, each of which in turn makes their own investments?"

Proposed Tax-Exempt Entity Rules Bring Relief for Retirement Plan Investments

"Proposed rules on on tax-exempt entity unrelated business taxable income bring some welcome relief to most retirement plan investments. Under the proposed rules, ... tax-qualified retirement plans that are engaging in typical passive investment partnership activities won't be subject to separate reporting requirements created by the 2017 tax law."

The Array of ERISA Compliance Solutions for Rollover Advice (PDF)

"[F]inancial services providers have an immediate need to come to terms with DOL's position and consider their alternatives for continuing to be of service to retirement investors while operating on an ERISA-compliant basis."