ERISA Assets: QPAM and INHAM Audit Legal Requirements and Best Practices
Navigating DOL Rules for Pension Asset Management Compliance
Recording of a 90-minute CLE webinar with Q&A
Conducted on Tuesday, September 10, 2013
Recorded event now available
This CLE webinar will prepare counsel to advise asset manager clients regarding Qualified Professional Asset Manager (QPAM) and in-house asset manager (INHAM) audits as required by the Department of Labor. The panel will review the new exemption rules, who can conduct an audit, what the process entails, and how to showcase good practices with existing and prospective plan sponsors.
An opportunity to manage part of the $17 trillion retirement industry assets is a key business strategy for many financial organizations. ERISA plans present a number of unique challenges due to the rules, regulations and increasing litigation brought against asset managers. Compliance is critically important.
The U.S. DOL has changed rules on activities asset managers can undertake if they manage ERISA assets. Entities like banks, insurance companies, hedge funds and SEC-registered investment advisors must have documented policies and procedures for types of trading, parties in interest and internal controls.
In addition, a regular audit of the activities of a QPAM and/or INHAM must be conducted by persons who are knowledgeable about ERISA and can render an objective assessment as to whether the exemption is justified.
Listen as our ERISA-experienced panel provides a guide for counsel on this recent mandate, why it is important, how to comply, and what an asset manager can learn from the audit process to mitigate litigation risk.
QPAM and INHAM rules
- Exemption allowances before 2010
- Exemption allowances after 2010
- Consequences of not getting a QPAM or INHAM audit or getting one and failing
Nature of the QPAM and INHAM audit
- Qualifications for who can perform the audit
- Components of the audit
- Documents, timetable and process of the audit
- Involvement of outside and internal counsel
How the audit is used
- What the U.S. Department of Labor looks for
- Correcting deficiencies
- Using the audit as a marketing tool
- Lessons learned from the audit as a way to mitigate litigation risk
The panel will review these and other key questions:
- Who is a QPAM or INHAM?
- What determines when a QPAM or INHAM audit is required?
- What is the audit process like in terms of length of time it takes to complete, the documents needed, and the role of outside counsel and the QPAM or INHAM auditor?
- How can the QPAM or INHAM audit be used to mitigate suits about procedural prudence and fiduciary breach?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Dr. Susan Mangiero
Dr. Mangiero has provided testimony before the ERISA Advisory Council, the OECD and the International Organization of Pension Supervisors, as well as offered expert testimony and behind the scenes forensic analysis, calculation of damages and rebuttal report commentary for various investment governance, investment performance, fiduciary breach, prudence, risk and valuation matters.
Howard Pianko, Partner
He advises clients on matters relating to employee benefits, executive compensation, fiduciary responsibility and benefit related litigation.
Virginia Bartlett, Principal
Bartlett O'Neill Consulting,
She has over 30 years of experience in working with all types of employee benefit programs. She has extensive experience in the design and implementation of employee benefit programs, consulting on mergers and acquisitions issues that relate to employee benefit plan issues, and conducting IRS and ERISA compliance reviews.
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The seminar was well presented and the topic was tied very well to real life examples.
Good straightforward presentation at a high level with good detail.
Cairncross & Hempelmann
The interactive questions at the end added value to the educational topic discussed during the presentation.
Ralph H. Heninger
Heninger & Heninger
I appreciated the discussion about the often complex aspects of giving legal opinions in the LLC context.
Stites & Harbison
I thought the content was substantive.
Debra Curcio Lister
Employment & ERISA Advisory Board
Schulte Roth & Zabel
Holland & Hart
Goulston & Storrs
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Bracewell & Giuliani
Gibson Dunn & Crutcher
Epstein Becker & Green
Freeman Freeman Smiley
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