InstructorTerri Hays
TypeOnline Course
PriceFree
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Tuition Options

myUniversity™

PracticeEdge Elite™ Not included

Standard Tuition $400 US

Senior Fellow Andrew Oringer, JD, Partner and Co-Chair of the Employee Benefits and Executive Compensation Group, Dechert LLP

The Employee Retirement Income Security Act of 1974 (“ERISA”) comprehensively regulates private US employee benefit plans. ERISA’s reach extends not only to the design and terms of the plans, but to the fiduciary conduct of those managing the plans and their assets. There is a significant concentration of investment capital in employee benefit plans, including ERISA plans. ERISA’s rules may have a significant impact both on those managing the assets of the plans and on those transacting business or otherwise dealing with the plans, and liability can be extensive in the case of an ERISA violation.

In addition, ERISA provides rules for determining when an entity holds “plan assets,” with the result that those managing an investment fund could be ERISA fiduciaries, merely because of investment in the fund by ERISA plans. The application of ERISA to a “plan assets” fund can raise issues for the fund sponsor (and its personnel) and for those dealing with the fund. These issues take on increased significance given the trend towards collective investment, combined with an ever-growing appetite on the part of managers to have ERISA plans as clients and investors.

This course will give an overview of ERISA’s evolving role for fund sponsors, ERISA’s basic fiduciary rules, the “prohibited transaction” rules under ERISA, and the potential liabilities for those who act as counterparties to ERISA plans. The course will then cover how a fund might be deemed to hold “plan assets,” and the special compliance challenges that may arise in such a case. The course will also touch upon a number of recent regulatory and judicial developments and other current issues that have arisen under ERISA. The goal is that, at the conclusion of the course, there will be a sense for the importance and complexity of this increasingly important area.

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LEARNING OBJECTIVES

FACULTY

CREDIT INFO

ACCREDITATION

Students should leave this Course with a solid introduction to ERISA’s fiduciary rules and their relevance to investment management, with a broad overview of ERISA’s basic fiduciary principles, including:

  • Context for why money managers should be familiar with ERISA, if their investors are or may be retirement plans or other employee benefit plans subject to ERISA;
  • Ability to identify plan fiduciaries, and describe ERISA’s general prudence and other fiduciary rules;
  • Recognition of related-party and self- dealing prohibited transactions, possible statutory and administrative exemptions from the rules governing prohibited transactions, and the liabilities and other taxes, penalties, and other risks that may arise in the event of a non-exempt prohibited transaction;
  • Defining “plan assets” so that a manager may identify when it is managing or facing (as the case may be) assets subject to ERISA’s comprehensive regulatory scheme;
  • Addressing other rules under ERISA, including those relating to custody, bonding, and reporting; and
  • Being familiar with recent regulatory and judicial developments and other current issues arising under ERISA.

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Senior Fellow:

  • Andrew Oringer, JD, Partner and Co-Chair of the Employee Benefits and Executive Compensation Group, Dechert 

Guest Lecturers:

  • Peter Haller, JD, CPA, Director and Head of the Regulatory Advisory Group, Credit Suisse
  • Steven Rabitz, JD, LLM, Partner, Stroock & Strook & Lavan
  • William Ryan, JD, Chief Fiduciary Officer, Evercore
  • John Schuch, JD, Assistant General Counsel, Bank of America-Merrill Lynch

 

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Accreditation Information

CLE Information

Credit Hours: 8
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 12
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information

 

Course ID Number:  7050

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Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.

Arizona: Does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.

New Hamphsire: The approval is for three years from recorded date.

New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.

New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.

North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.

Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.

Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.

Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.

Tennessee: The approval is for the calendar year in which the live program was presented.

Virginia: All distance learning courses are to be done in an educational setting, free from distractions.

Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.

Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.

If applicable, the RCA will apply for credit in your state upon request.