Federal Tax

ERISA — Fiduciary Responsibility and Prohibited Transactions (Portfolio 365)

  • This Portfolio reviews key issues arising under Part 4 of Title I of the Employee Retirement Income Security Act of 1974 and identifies which activities generate a “fiduciary” status.


Bloomberg Tax Portfolio No. 365, ERISA — Fiduciary Responsibility and Prohibited Transactions, reviews the principal issues arising under Part 4 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974. The Portfolio examines the issue of which activities related to a plan generate the status of “fiduciary” under ERISA. It discusses fiduciary responsibility under ERISA — the duties to act prudently, with loyalty, consistently with governing plan documents and with a view to minimizing the risk of large losses by diversifying plan assets. The Portfolio analyzes the prohibited transaction rules, discussing statutory, class, and administrative exemptions from ERISA’s ban against dealings between plans and “parties in interest.” It also describes the remedies available under ERISA and considers procedural issues arising in litigation under ERISA.

Table of Contents

I. Introduction
II. Coverage by ERISA Title I
III. Fiduciary Status Under ERISA
IV. Plan Assets Under ERISA
V. Elements of Plan Structure
VI. Fiduciary Duties
VII. Limitations on Fiduciary Responsibility
VIII. Prohibited Transactions
IX. Remedies
X. Exculpatory Provisions and Indemnification
XI. Preemption of State Law
XII. IRAs and Keogh Plans
XIII. Church and Governmental Plans
XIV. Bonding
XV. Felons Prohibited from Holding Plan Positions

Edward Horahan
The Law Office Of Edward B. Horahan III, P.L.L.C
Benjamin Rosemergy
Sidley Austin LLP
Beth Dickstein
Sidley Austin LLP
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