Private Equity Compliance With ERISA: Navigating Manager Fiduciary Duties for Funds Holding ERISA Plan Assets
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will prepare counsel representing private equity funds and private equity professionals to meet the challenges 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 and will cover the impact of court rulings relating to specific joint and several liabilities under ERISA plans and recent Department of Labor (DOL) rules and guidance on this topic.
Outline
- ERISA fiduciary duties applicable to private equity managers
- Exceptions available to private equity funds
- Penalties and personal liability under ERISA
- Joint and several liability under ERISA
- ERISA court rulings relating to private equity funds and their portfolio companies
- Structuring investments with pension obligations
- Key takeaways
Benefits
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 court rulings on private equity funds and their portfolio companies?
Faculty
Amy M. Gordon
Partner
Winston & Strawn
Ms. Gordon focuses her practice on welfare benefits including the Health Insurance Portability and Accountability Act... | Read More
Ms. Gordon focuses her practice on welfare benefits including the Health Insurance Portability and Accountability Act (HIPAA) privacy components, the Employee Retirement Income Security Act (ERISA), the Public Health Service Act, the Internal Revenue Code, the Affordable Care Act (ACA) and its replacement legislation, and related federal and state laws and regulations. She is a fellow of the American College of Employee Benefits Counsel. Ms. Gordon regularly advises clients on their self-funded and insured health plans, wellness programs, and on-site clinics. She also works with service providers to structure these products for their plan customers.
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Ian L. Levin
Partner
Schulte Roth & Zabel
Mr. Levin practices in the firm’s M&A and Securities Group and Employment and Employee Benefits Group.... | Read More
Mr. Levin practices in the firm’s M&A and Securities Group and Employment and Employee Benefits Group. His practice covers a broad range of executive compensation and employee benefits matters, including the associated tax, securities, corporate, employment and labor issues. Mr. Levin's broad experience and understanding of prevailing "market" terms enables him to assist clients in designing practical and competitive compensation and benefits arrangements that meet the unique needs of the client. Mr. Levin serves as Chair of the Advisory Board and as former Chair of the Center for Transactional Law and Practice Advisory Board at the Emory University School of Law. He also serves as an adjunct professor at New York Law School and Emory University School of Law.
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S. John Ryan
Partner
Seward & Kissel
Mr. Ryan advises a variety of clients — publicly and closely held corporations, partnerships, governmental... | Read More
Mr. Ryan advises a variety of clients — publicly and closely held corporations, partnerships, governmental entities, tax-exempt foundations and sole proprietorships — concerning all aspects of employee benefits matters. These matters include representation involving the structuring, drafting, operation, amendment and termination of qualified and non-qualified pension, profit-sharing, stock bonus and employee stock ownership plans, individual retirement accounts, stock option plans and group life, disability, medical reimbursement, and other types of welfare plans. Mr. Ryan has particular expertise with the fiduciary aspects of ERISA. He regularly assists clients in developing investment products for the pension plan market, tailoring investment products for specific plan investors and analyzing the fiduciary duties, and prohibited transaction risks imposed by these investment structures, specific investment agreements or potential transactions on money managers.
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